Although it’s yet to return to the highs of two years ago, the property market shows no sign of cooling off as we head into winter.
New listings have increased by more than 50 per cent in the last month across Australia, with new listing authorities up by around 20 per cent.
While these numbers are still down a quarter on the figures two years ago, there is no sign of prices or activity easing, meaning it may not be too long before we see a return to peak market performance.
Interest in the market has ballooned, with the number of appraisals increasing by more than 40 per cent compared to two years ago, and 140 per cent year on year.
The biggest issue is in supply – there isn’t enough property on the market for every buyer. Total listings are down by almost one quarter for some agencies, with new stock quickly snapped up.
These numbers, along with an increase in online buyers and enquiries, and growing home loan approvals, hint at a very active winter selling season.
Ray White agent Russell Sheffield is marketing 46B John Miller Street, Ryde, before it goes to auction, and says people are loving the action.
“We have found a lot of couples with young kids showing interest. They are usually second or third home buyers who are finding that houses are out of reach for them in this area,” he says.
“On the flipside, a lot of downsizing people have come through because of the quiet street it’s in. The house is in a good neighbourhood and we are finding everyone who comes through is loving it.”
Auctions continue to perform strongly across the state, with a clearance rate above 75 per cent – 35 per cent higher than during the pandemic’s peak. Average registered bidders have increased by 2.5 per cent compared to this time last year, while average active bidders sit at 3.7 per cent, an increase of 1.6 per cent compared to the same time last year.