As we end the year, looking back on the property market in 2024 provides interesting insights into its performance and shapes predictions and expectations for 2025. Amid instability and economic challenges, Rose & Jones has continued to perform and expand, with a bright outlook for the year to come.
We will explore some of the key trends observed on the Gold Coast and the Northern Rivers of NSW, provide insights into what buyers can expect with our 2025 property forecast, and share details on the exciting progress our buyer’s agency has made this year.
Property Market 2024 Overview
Throughout 2024, the Gold Coast and Northern New South Wales property markets have shown remarkable performance, exceeding expectations and outperforming major capital cities including Sydney and Melbourne. With high interest rates and a softening buyer sentiment across many areas of Australia, this is particularly note-worthy.
Periods of economic turbulence typically lead to sharp declines in property values, however, the resilience demonstrated by our local markets has been encouraging, with stability being attributed to supply and demand dynamics. Strong population growth continues to fuel demand for housing, but stock levels remain low compared to historical standards, and it is this imbalance that has helped maintain property values and even drive prices upward in certain segments.
As we entered the new financial year, there was a slight uptick in stock levels, which some interpreted as the beginning of a long-awaited increase in supply. Whilst some properties achieved quick results, others experienced longer times on the market. Power shifted towards buyers who benefitted from increased choice, allowing them to take their time with purchases. However, from October onwards, stock levels flattened out as many prospective vendors opted to wait until 2025 to list their properties.
At Rose & Jones, our buyer demographics remained consistent with previous years, with an even split between owner-occupiers and investors, and a similar distribution occurring between local buyers and both interstate and overseas buyers. This consistency reflects a stable market environment where both types of buyers are actively engaging with the property landscape.
Rental Market Dynamics
The rental market in 2024 mirrored trends seen in 2023, with typical seasonal fluctuations. We observed a quiet period during winter but experienced robust conditions at both the beginning and end of the year. Landlords have largely benefited from these strong market conditions, enjoying rental increases ranging from 5% to 10%. Tenants have generally been willing to absorb these increases rather than seek alternative properties, indicating a healthy rental market.
A Year Recapped For Rose & Jones
In 2024, our agency has made significant strides forward, having expanded our team and performing well throughout the year. We welcomed two new staff members, Kurt – a Northern NSW specialist – and Sarsha – a buyers associate – who have already made valuable contributions to our operations. Since July 1, we have experienced one of our best starts to a financial year in purchase value, and we have cemented our position within the Northern NSW property market in 2024.
Our property management division added almost 100 new managements over the calendar year, establishing R&J as one of the fastest-growing and most respected property management companies on the Gold Coast. Additionally, our recent expansion into Northern NSW aligns with our buyer’s agency efforts and enhances our service offerings.
At Rose & Jones, we are committed to providing our clients with expert guidance and support as we enter 2025, whether you are an investor, a first-time buyer, or looking to upsize.
2025 Property Forecast
As we look towards 2025, there are several factors influencing buyer sentiment and market dynamics. Many buyers are hopeful for interest rate decreases, which would encourage more activity and stimulate the market. Those who aren’t pressed for time can wait for these changes to take place before making significant purchases, as overpaying or acquiring unsuitable properties are concerns of potential buyers. The consensus within the market is that more stock will enter the market in 2025. This influx could provide buyers with even greater choice and negotiating power, however, it’s important to note that historically, markets tend to experience sharp increases in values when interest rates decline, so there is no guarantee that this trend will hold moving forward.
Key factors such as population growth, ongoing infrastructure projects, supply limitations, and desirable lifestyle qualities will continue to underpin market activity on the Gold Coast and in Northern NSW. We expect high levels of inquiry from new buyers as we head into 2025, which would indicate strong market conditions in Q1. Well-located properties are likely to see sustained demand and potential price growth as we move forward, with the Gold Coast poised to remain one of Australia’s best-performing markets due to its attractive lifestyle offerings and robust economic fundamentals.
As we transition into 2025, there is cautious optimism among buyers and industry professionals alike regarding future market conditions. At Rose & Jones, we are committed to providing our clients with expert guidance and support as we enter 2025, whether you are an investor, a first-time buyer, or looking to upsize.If you are looking to purchase a property on the Gold Coast or in the Northern Rivers of New South Wales this coming year, our experienced buyer’s agents can help you find the right property at the right price. Get in touch with our team now.
About Rose & Jones
Rose & Jones has been helping clients find and purchase properties in Sydney, Brisbane, and the Northern Rivers since 1998. A renowned property buyers agency across residential, commercial and industrial sectors, every one of our property experts meets our high standards, so you won’t have to compromise yours. With access to a wide network of off-market properties, our team can help you find the perfect property. Also offering property management services and investment advice, make Rose & Jones your go-to when it comes to real estate in New South Wales and Queensland.
