Source: CoreLogic
This spring, Australia’s property market has shifted into a dynamic phase, offering significant opportunities for buyers. According to CoreLogic, increased vendor activity combined with stabilizing property prices has characterized the season. The volume of newly listed properties surged by 18% compared to the same period last year, reflecting heightened market activity. This influx, coupled with a softer national clearance rate, has balanced the market in favor of buyers.
Key Market Trends
Increased Listings: Over the past month, there has been an average of 38,258 new property listings, surpassing the five-year average. This abundance of choices has given buyers more negotiating power.
Regional Variations: While most regions experienced a rise in new listings, Victoria stood out with a remarkable 34.8% increase year-on-year. Conversely, Tasmania and Hobart saw declines due to longstanding stock surpluses.
Auction Activity: Preliminary clearance rates across capital cities remained steady at 71.1%, demonstrating consistent buyer demand. Sydney and Melbourne, in particular, recorded robust auction volumes and strong clearance rates.
Motivations Behind Selling: Rising financial pressures, including high interest rates and cost-of-living challenges, have prompted many homeowners to cash in on equity or downsize, contributing to the uptick in properties for sale.
Opportunities for Buyers
For prospective buyers, the current market presents an excellent opportunity to secure a home at favorable terms. High stock levels, coupled with reduced competition in certain areas, provide the leverage to negotiate better deals. Additionally, the seasonal alignment with the year-end gives buyers time to settle before the new year begins.
As we move into the summer months, it will be interesting to see whether this balance persists or the market swings back toward sellers. For now, buyers have the upper hand in many parts of Australia, making it an opportune time to make a move.
If you have any questions or need any information about Australian property, buying Australian property, selling property or looking for property management, you can leave a message or WhatsApp +61 481 988 806 to contact real estate expert, Entre Shield Property, we have the most professional sales consultants to answer any related questions for you!
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