Homebuyers will be in the hot seat in some cities this spring, as fresh home listings hit the market at pace across the country with the change of the season.
Nationally, new home listings were 12% higher in July compared to the same time last year, according to the latest PropTrack data.
However, leading real estate experts from around the country predict more buyers will also be on the hunt for a home this season.
Home hunters are feeling the pressure to get into the market, as property prices and rents continue to rise, albeit at a slowing pace, while higher living costs to make saving for a deposit even more difficult for many.
PropTrack senior economist Eleanor Creagh said an uplift in real estate activity across all capital cities was likely this spring.
“We know that new listings have been higher in every capital city market over the past year,” Ms Creagh said.
“A relatively busy spring selling season is on the cards, so there will probably be even more choice for buyers as the spring selling season unfolds, although there’s going to be more buyers active in the market too.”
Brisbane property predictions.
Brisbane remains one of the hottest real estate markets in Australia, and the city is expected to see more homes hit the market this spring.
“We had a 20% uplift in appraisals through August and that’s usually the first step when they’re thinking of selling,” Place Estate Agents managing director Sarah Hackett said.
“We’re noticing that that stock is converting to listings, so we feel like there’s going to be more stock on the market for buyers to choose from in spring.”
In Brisbane, new listings were 16.1% higher YoY in July, yet total listings were up just 0.2%.
Brisbane house prices increased by 13.42% YoY to $951,000 in July, while unit prices increased by 16.85% to $663,000.
“We’re certainly seeing momentum,” Ms Hackett said.
“We are noticing less offers or bidders per property, but clearance rates are still about 82% at Place, so it’s a combination of sellers agreeing to the market and then finding a buyer that loves the property.”
Ms Hackett said while market conditions were positive, sellers would need to price their properties correctly this spring in the face of rising new listings.
Author: Realestate.com.au