While spring isn’t expected to break any records in terms of listing volumes, we will certainly see more property hitting the market from now on after third-term school holidays conclude.
With fewer than 12 weekends remaining until the market closes for the festive break, the expected increase in buyer activity will support continued high clearance rates during the seasonal increase in property listings.
Competition will be particularly strong for family homes within 10 to 20 kilometres of Australia’s major capitals, while $1 million-plus homes will be a popular choice among professional households and families in inner suburbs. Established one and two-bedroom apartments in inner city suburbs will be the go-to choice for first-home buyers and investors.
Overall, capital growth has been strong in 2014. Further growth is expected in the residential property sector in many capital city markets as the year draws to a close – presuming no significant change in the current economic climate, namely interest rates – as yesterday the RBA left rates on hold. While growth is currently positive, it’s also stable and not exorbitant to a point necessitating a correction in a year’s time – a calming notion for the more discerning buyer.
In summary – buyers can purchase this Spring with confidence.