The Australian property market is abuzz with activity and the latest insights from Ray White Now’s September edition shed light on the dynamic landscape. Lets dive in.
The property market continues to heat up, with all capital cities now recording year-on-year price increases. Contrary to speculations that increased availability of properties for sale might slow down house price growth, the market remains resilient. Buyer demand remains robust, even in the face of financial challenges and relatively stricter home loan conditions compared to a year and a half ago.
In July, we witnessed a slight dip in prices, likely attributed to the surprise interest rate rise in June and an uptick in properties available for sale. However, August brought a significant reversal. Interestingly, the markets that experienced the most significant price declines last year saw the most substantial increases last month. Sydney led the way with a 0.9% increase for the month. On an annual basis, Adelaide and Perth are the frontrunners, boasting well over six percent price growth over the past 12 months, while Melbourne and Hobart exhibit the slowest growth among capital cities.
The strength of unit price growth is a noteworthy trend, with all capital cities now reporting year-on-year unit price increases. Brisbane, in particular, stands out due to very strong population growth and unique challenges in the construction sector. Brisbane’s units continue to outpace houses in terms of growth.
Over the past month, there has been a noticeable increase in the number of properties for sale, driven by both rising interest rates and increasing property prices. These factors have spurred investors and homeowners alike to consider selling.
This surge in buyer demand is evident in real-time at Ray White auctions. Despite the number of properties going to auction in August being 10 percent higher than last year, the number of active bidders has increased by a remarkable 27 percent. More people are participating in auctions even as the number of properties on auction grows.
This heightened demand is also reflected in clearance rates, with more homes selling. In August, the clearance rate sat at an impressive 75.5 percent, up from 66.8 percent at the same time last year. Early signs for September suggest that this higher level of activity will be sustained.
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