If you’re a property enthusiast like me (and I know many of you are), then you’ve been keeping a close eye on the property
market here in Oz, and have also noticed what a wild ride it’s been so far this
year. 

Despite the challenges posed by rising interest rates, the property market has shown remarkable resilience in the past
six months. Homebuyers and investors alike have actively sought opportunities in various regions, and the results have been nothing short of impressive.

Let’s take a quick look at what’s been happening these past six months!

 

Changing homebuyer trends

Throughout the pandemic, we saw a significant shift in homebuyer preferences towards regional lifestyle locations. However, as the economy began to stabilise, a new trend emerged, and city suburbs were back in demand!

As of July 2023, urban centres are becoming increasingly popular among owner-occupiers once more, driven by the quest for affordability without compromising on the conveniences of city living.

Hallelujah, I say!

 

A range of buyers

The market has become a melting pot of buyers with diverse motivations. From empty-nesters seeking stability in a safe
community to young families searching for value for money, the range of interested parties is definitely broad and varied. This mix of buyer profiles is certainly adding fuel to the already hot market!

 

Investors looking for smaller capitals

Understandably, investors have slightly different financial goals and have therefore set their sights on Australia’s smaller capitals. Adelaide and Perth have been particularly attractive due to having more affordable suburbs on the outskirts, which offer excellent rental returns. The pursuit for higher yields has seen a surge in investment activity throughout this group of buyers, with both seasoned and first-time investors
jumping into the market equally.

 

Capital cities at a glance

Among the bustling property market, Sydney and Adelaide have been the real stars. Suburbs in these cities have seen huge
growth, with sellers reaping the benefits of high demand and limited supply (we’ve all seen this happening in real-time this past year, am I right?)

On the other hand, Perth and Queensland have also grown on a larger scale, boasting some of the fastest selling suburbs
across the country.

 

Increasing property prices

After experiencing a 2.4% dip in national prices during the latter half of 2022, the market has made an astounding comeback. Property prices have surged by 2.3% this year, buoyed by greater
economic certainty, low unemployment rates, and talk of interest rates approaching their peak. The positive sentiment has encouraged a larger number of active buyers, creating a highly competitive selling season ahead.

 

With the Aussie property market experiencing unprecedented growth and momentum, there’s no better time to dive in and make your move. At Kitty & Miles, we have a solution to your property needs. Whether you’re after an auction sniper to secure that dream property or a seasoned buyer’s advocate with the experience and connections, we’ve got you covered. Give us a call at (02) 8916 6172 or shoot us an email at support@kittyandmiles.com.au. Let’s work together to find the property that speaks to you!