As the spring season approaches, homebuyers across the country are gearing up for a busy period in the real estate market. With an influx of new listings hitting the market, buyers will have more options to choose from, but they will also face increased competition as more people look to purchase a home.
According to the latest PropTrack data, new home listings were 12% higher in July compared to the same time last year. This increase in listings is expected to continue throughout the spring season, providing buyers with a wider selection of properties to consider. However, with property prices and rents on the rise, many home hunters are feeling the pressure to secure a home before prices increase further.
Leading real estate experts from around the country predict that the spring selling season will be a busy one, with more buyers entering the market. Eleanor Creagh, a senior economist at PropTrack, anticipates an uplift in real estate activity across all capital cities in the coming months.
In Sydney, chief executive Thomas McGlynn of BresicWhitney expects a healthy number of new listings to come to market this spring. Despite the increase in listings, demand from buyers continues to drive home price growth, with house prices in Sydney increasing by 6.77% year-on-year to $1.429 million in July.
In Melbourne, Andrew McCann, the chief executive of Jellis Craig, predicts a balanced spring market with a healthy volume of properties available for sale. While house prices in Melbourne fell slightly year-on-year, the market remains active with promising buyer activity.
Brisbane remains one of the hottest real estate markets in Australia, with managing director Sarah Hackett of Place Estate Agents noting a 20% uplift in appraisals in August. This increase in appraisals is expected to translate into more listings on the market for buyers to choose from.
Adelaide is also expected to see more homes hit the market this spring, providing buyers with more options to consider. House prices in Adelaide have been on the rise, increasing by 15.09% year-on-year to $819,000 in July.
In Perth, the real estate market is expected to remain tight despite an increase in new listings. Michelle Kerr, the founder and director of Duet Property Group, notes that supply levels in Perth have been extremely low, leading to high demand and rising prices.
Hobart remains a buyer-friendly market with high listing numbers and home price declines. While there is more choice for buyers in the market, weak selling conditions persist due to a mismatch between buyer demand and the number of properties listed for sale.
In Darwin, an increase in sales activity is expected over the next three months, with new listings on the rise. Despite the increase in listings, house prices in Darwin have seen a modest increase year-on-year.
Canberra is set to offer homebuyers more choice this spring, with a significant uplift in total properties listed for sale over the past year. While house prices in the ACT have seen a slight increase, unit prices have declined slightly.
Overall, the spring selling season is shaping up to be a busy and competitive time for homebuyers across the country. With more listings hitting the market and increased buyer activity, it’s essential for buyers to be prepared and act quickly to secure their dream home in this dynamic real estate environment.
