The spring selling season is well underway, and it’s shaping up to be a season like no other. As we near the end of the month, the real estate market has been buzzing with activity.
- 2,286 homes were taken to auction in the first week
- The second week was only one short with 2,285 auctions held across the combined capital cities making it 19.1%* higher than this time last year
- This past weekend saw 2,334 auctions, a 2.6% increase from the previous week
“One of the reasons we’re seeing such a busy start to spring is that there’s probably a whole cohort of sellers who had held off selling their properties over the first half of this year, or the back half of last year,” – PropTrack economist Anne Flaherty
“From here we expect the RBA to remain on hold till Q1 24. We then expect at the 18-19 March meeting (under the new RBA timetable of 8 meetings a year instead of 11), the RBA to commence an easing of monetary policy as the economy slows, inflation moves back into target and the unemployment rate lifts.” – Commbank Economic Insights
What are we expecting in the coming months?
As we approach the end of the year, we anticipate a continued surge in auction activity as more sellers enter the market, leading to an increase in supply. This may ease the upward pressure on prices, potentially creating favourable opportunities for buyers.
Additionally, there’s anticipation that the RBA will consider lowering the cash rate in 2024 as inflation continues to slow. This move could have implications for the property market and financing conditions.
Whether you’re looking to buy or sell, the current market may present some favourable opportunities. With increased supply and stable interest rates, your dream property may be within reach.
In light of the thriving Spring Selling Season, what’s your next move? Are you ready to explore the opportunities it offers, whether you’re looking to buy, sell, or invest in property? Our dedicated team is here to assist you every step of the way. If you have questions, need advice, or are simply looking for guidance, don’t hesitate to reach out. We’re here to help you make informed decisions and seize the opportunities this vibrant market has to offer. Get in touch with us today!
Source: *CoreLogic
Disclaimer
Any information provided herein is of a general nature only. No consideration has been taken into your objectives, needs or financial situation. Before acting on this information you should consider if it is appropriate for your situation.