Property still going for record prices despite market downturn
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Loading... - Turner Booth
- 22 Mar 2023
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There are signs the property market remains healthy despite falling housing prices and issues with supply.
PropTrack’s report on the national housing market in February shows a rise in housing prices in most capital cities but notes new listings are way down on the same time in 2022.
“New listings in capital cities picked up in February ahead of the autumn selling season, rising 26.6 per cent month-on-month,” writes PropTrack economist Angus Moore.
“Even so, new listings were down compared to a year ago, with 13.2 per cent fewer new listings compared to the busy start to 2022.”
However, the total number of listings was up 9.6 per cent year-on-year, meaning more choice for buyers.
And demand is tipped to stay strong, with wages growth on a slow uptick and higher migration also propping up that demand.
But with interest rates tipped to rise further at April’s Reserve Bank meeting, buyers and sellers alike have adopted a “wait and see” attitude.
That’s the belief of Sydney real estate agent Kiki Bermudez, associate director with Raine and Horne Unlimited.
“Compared to last year, it’s a totally different market,” Ms Bermudez told NCA NewsWire. Read More…
