Market Update With OpenLot's Ryan Smits

In a recent episode of the Home Building Hub podcast, industry experts Colin Bischof and Darren Brennan welcomed our very own Ryan Smits to discuss the latest market trends in the first quarter of 2024. Ryan provided valuable insights into the changing landscape of home buying this year.

The conversation centred around the positive start to 2024, fuelled by factors such as stable interest rates and growing consumer confidence. Ryan Smits highlighted the significant increase in traffic and enquiries on the openlot.com.au platform, particularly in Victoria, where enquiries surged by 63% from December to January. Ryan emphasised that this increase in activity is not limited to seasoned buyers but includes a notable rise in first-time home buyers and investors. He mentioned that while first home buyers face budget restrictions, incentives such as reduced deposits and builder rebates are making homeownership more accessible.

An intriguing aspect discussed was the changing behaviour of buyers in terms of preferred contact times. The data revealed a discrepancy between when buyers prefer to be called back (evenings) and when most enquiries are made (afternoons). This insight underscores the importance of personalised communication in the industry.

The conversation also delved into the impact of media narratives on buyer decisions. Ryan advised potential buyers to look beyond sensational headlines and seek diverse sources of information, including platforms like openlot.com.au, which offer educational resources tailored to new home buyers. Colin and Darren emphasised the need for consumers to consider advice from multiple sources, particularly industry professionals, when making significant decisions like purchasing a new home. They highlighted the value of informed decision-making in navigating changing market conditions and regulations.

Overall, the podcast episode provided a comprehensive outlook on the evolving dynamics of the new home market in 2024. OpenLot's insights reflect a promising trajectory for buyers and developers alike, with a focus on empowering buyers through education and access to a diverse range of properties and resources.

The episode serves as a reminder for prospective home buyers to leverage platforms like openlot.com.au for comprehensive market insights and guidance, ensuring a well-informed approach to the exciting journey of building or buying a new home.