The year is almost over but plenty is still happening in the market, so let’s dive into the 2023 November edition of Ray White Now to discuss the latest insights about price movements, listing activity and auction bidding.
House price growth is continuing across our capital cities where by the media is now getting closer to $1,000,000 and is now significantly above the previous peak reached last year.
Year on year median price growth for houses in October.
Australia 6.7%
Perth 9.6%, Adelaide 7.8%, Brisbane 7.4%, Sydney 6.9%, Darwin 6.9%, Canberra 6.1%, Melbourne 4.3%, Hobart 4.1%
Price growth is expected to continue for the remainder of the year. Although we may see a Melbourne Cup rate rise, a lack of properties continues to be a challenge for buyers.
Regional Price Growth
Similarly to capital cities, regional areas are also recording strong price growth.
Australia Regional Houses 6.7%
NSW 10.1%, VIC 9.8%, QLD 8.6%, WA 7.1%, SA 5.7%, TAS 5.3%, NT 3.8%
The spring selling season is historically the time the most properties come to market. Unfortunately this was the case this year. Nationally, new listings are down compared to last year by eight per cent. A similar shortage of properties for sale is occurring in regional Australia.
two main drivers for this.
1.Higher interest rates are making mortgage holders more stressed
2.Continued uncertainty around interest rates is preventing some vendors from coming to market
Clearance rates at Ray White auctions have reduced marginally since August when they hit an 18 month peak.
Similarly to the clearance rate, average active bidding at auction has also declined marginally. Right now, the market seems fairly evenly balanced between buyers and sellers. A shortage of stock is likely to push up bidding numbers in November.
For the full report and access to all insights,click read more.
As you can see the current market is continuing to show strength with rising prices due to supply shortages and potential sellers’ uncertainty. if you’re looking for any advice or guidance please feel free to reach out to our friendly team 9871 6211.
If you need a price update on your property, click here.
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