Buyer spirit not dampened by winter chill
The property market is absolutely buzzing with unseasonable excitement right now – despite what you may expect.
Typically, winter is a time when the property market takes a bit of a snooze, but with buyers out in full force and sellers ready to roll, the season is really in its prime. Why? Well, let’s let the numbers speak for themselves.
Sales are up
Property transactions in certain cities and regions have seen a considerable boost. Sydney and Canberra are leading the pack with sales up by 13.5% and 8.5% in June compared to last year. Even Perth and Hobart are joining the party, recording year-on-year growth in property volumes!
But while the sales in 2023 may technically be lower compared to 2021-2022 when the market was undeniably strong, in comparison to 2019-2020, they are definitely up. What I’m most excited about right now is that the current trend of the past few weeks suggests that July might just outperform last year’s sales. Woo hoo!
Buyers on the rise
The number of highly engaged buyers is definitely increasing, particularly with tenants tired of paying off their landlord’s mortgage and wanting to put that money towards their own property instead.
I’ve also noticed platforms such as Domain have enjoyed a surge in buyer interest, especially in our capital cities Brisbane, Perth, Canberra, Sydney, as well as various regional areas across NSW, QLD, and SA. Even Melbourne and Adelaide have more engaged buyers per listing compared to last year, despite a decrease in the overall number of buyers.
But what’s really driving the frenzy? Well friends, there’s a little thing known as home price rebounds. That is, for the past six consecutive months, home prices have been on the rise, with June 2023 seeing an additional 0.3% increase.
Overall, home prices in the capital cities I mentioned are slightly higher than last year, with Sydney in particular making a stunning recovery with its median home value now sitting just 3% below its peak (which was recorded in February 2022).
Auction clearance rates are also enjoying the current market, sitting 23% higher than last year. Not surprisingly, Sydney and Melbourne are leading the auction game, with clearance rates sitting above 60% throughout this year. (Our property buyers agency has proudly won many of these in the past year for our
Supply and demand
But when all is said and done, the market is not without its challenges. One of the major hurdles we’re facing right now friends is the lack of available properties for sale. With demand soaring high and options running low, buyers might find themselves in a bit of a squeeze.
But if you’re a seller, this is your time to shine! With high buyer demand and limited competition from other vendors, you can be confident that your property will sell for what it’s worth.
Forecasting the future
Traditionally, July and August are quieter months in the property market as people wait for the warmer spring weather to buy or sell. But this year is certainly different. Unseasonal trends are challenging tradition, and buyers don’t seem to be holding back. And this is where our Australian buyers agency comes into play!
If you’re on the lookout for your dream home, don’t let the winter chill slow you down. Give us a call at Kitty and Miles on (02) 8916 6172 or send us an email at firstname.lastname@example.org, and we’ll be more than happy to be your buyers advocate at the next auction or property sale!