With the new year comes a host of new home buyer desires, as well as tried and true ones.

First on every buyer's wish list is a continuing cash rate pause or even better, a rate cut.

This may happen, with the Big 4 Banks predicting the first decreases will occur in late 2024.

For now, the Reserve Bank of Australia (RBA)'s December 2023 decision to leave the cash rate on hold at 4.35% - its highest point since November 2011., after 13 increases across 2022-2023 - has given the property market some relief.

Home buyers would also appreciate a decrease in cost-of-living expenses, particularly on big supermarket bills.

This may happen too, with the Federal Government ordering Woolworths and Coles chief executives in December 2023 to undergo a year-long Australian Competition and Consumer Commission (ACCC) inquiry into price gouging.

The order followed the supermarkets' August 2023 announcement of record annual profits.

Honing in on the 2024 real estate market - and following their desire for affordability - buyers are keen for flexibility and space, both outside and inside.

• Multi-functional living spaces
  

Most homes now feature at least two living rooms plus a media room or "home cinema", and another area for kids.

The trend towards building larger homes isn't new either with cherished quarter acre, or 1,011sqm, Aussie blocks now just a dream for the majority of suburban homeowners.

Australian Bureau of Statistics (ABS) data in June 2022 reported that the average site area of new houses in Australia's five largest capital cities shrank by 13%, or 64sqm, between 2012 and 2021 to reach 432sqm.

Work-from-home room

COVID has largely disappeared from our everyday lives but by all accounts, remote working is here to stay.

While many workers have returned to their offices or worksites for a few days a week - otherwise known as a hybrid work arrangement - a home with a practical home office is more necessary than ever.

ABS statistics published in December 2023 showed that 37% of Aussie workers regularly work from home, down from 40% in August 2021.

Between 1989 and 2008, around 20-30% of people worked some hours from home with 4-8% doing so regularly.

• Outdoor areas

Roy Morgan research in August 2023 reported 14% of Australian homes have a pool or spa.

Unsurprisingly, Brisbane features the highest average of pool or spa inclusions (19%) while nearly one in four regional Queenslanders (24%) can dive into backyard waters.

Apartment buyers also crave balconies and patios in a clear bid to extend their indoor space to the outdoors.

• Energy efficiency inclusions

According to Australian Government statistics in 2022, 32% of Australia’s total electricity generation was powered by renewable energy sources, including solar (14%), wind (11%) and hydro (6%). 

The Clean Energy Regulator (CER)'s Quarterly Carbon Market Report for the third quarter of 2023 also showed Australia was on track to install more than 3GW of rooftop solar panels in this year - equivalent to powering about 700,000 homes. 

Certainly, as of February 2023, 31.46% of Australian households included solar panels, according to Clean Energy Regulator data.

Other energy-efficient opportunities high on property buyers' wish lists include air conditioners, heaters and dishwashers with high energy ratings as well as water conservation inclusions such as heat pump water heaters and rainwater tanks.

We're here to help

Whatever your home-buying desires are in 2024, Listing Loop can help you!

We're proud to say we're Australia’s leading marketplace for property buyers seeking to uncover off-market and pre-market properties.

Listing Loop also offers a one-stop solution for everything you need to buy and sell property.

Our members can access conveyancing, utility connections, specialised property financing solutions and more, all in the one place.