PropertyPal Monthly Market Snapshot: April 2024

Jordan Buchanan, Chief Operating Officer at PropertyPal commented on the market performance during April 2024 :

“Housing market conditions have shown a stable performance over recent months with steady sales volumes similar to 2023 levels and headline prices cooling to 2.9% over the last year, modestly below prevailing inflation of 3.2%.

Stubborn interest rates have seen overall mortgage rates edge upwards in recent months adding to affordability pressures and subduing overall demand. However, rate cuts look increasingly likely over the summer months which should begin to reflect in lenders pricing soon, adding to the attractiveness of those looking to make their move. PropertyPal website visitors have increased by 14% over the last year, suggesting a healthy pipeline of prospective buyers/renters moving into the summer months.”