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Ray White Now – August 2023

By Michael Adamou

In this edition of the Ray White Now, the key topics of discussion about positive price growth, increased activity leading into spring, investors selling and stabilisation of auction bidding.

August brings with it some ripper news from the real estate front. We’ve been watching a steady growth in property prices since the beginning of the year. Even with a brief pause in July due to the unexpected June interest rate hike, the market’s resilience is shining through, with price growth showing no signs of slowing down.

A significant trend to note is the increasing number of properties making their way to the market, hinting at a lively spring selling season ahead. This surge in listings is a testament to the growing confidence among sellers. Leading the pack are Perth and Adelaide, boasting a remarkable price growth of over five per cent in the past year. Even traditionally slower markets, such as Melbourne and Hobart, are catching up.

But it’s not just the sellers who are active. We’ve noticed a spike in investor selling activity. While this can be attributed to the higher interest rates, changing perceptions towards investors are also playing a part. This evolving landscape could shape the future of rental availability.

On the auction side, the June rate rise brought about a stabilisation in bidding activity. But with inflation rates beginning to taper off and interest rates possibly nearing their zenith, we’re witnessing a resurgence in buyer confidence. This optimism is further fuelled by the robust growth in population, a primary driver for property demand.

If you’ve been on the fence about selling or are curious about the current market value of your property, this might be the golden window of opportunity you’ve been waiting for.

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