Domain Market Wrap for Strathfield – Burwood – Ashfield
March 2024 quarter
Dr Nicola Powell Chief of Research and Economics
Over the first quarter of 2024, it’s been clear that sellers have been eager to capture market momentum, helping to bring pent-up supply to market. A consistent flow of new listings has surpassed last year’s and the five-year average. This has undoubtedly tested the level of buyer depth. The outcome has seen the total number of homes for sale move higher annually, a turnaround from the 15-month stretch of an annual decline. As buyers find greater choices, it has taken a little urgency away from the purchase and has acted to lengthen the time it takes to achieve a sale, sitting at a 10-month high for houses (at 58 days) and an 8-month high for units (at 81 days). However, once we start to see consistent improvement in consumer sentiment it is likely to play out positively for housing market turnover, particularly given the ongoing imbalance between supply and demand.
