The Agents’Agency Winter Market Report
Welcome to our Winter Market Report
Author: Jarrod Carman, associate Director of the Agents’Agency
With successive interest rate hikes, a softening of the property market, inflationary and cost of living expenses pressure, it’s understandable that the biggest question on most people’s mind is,
“Is winter and the current state of the property market a great time to buy, or a great time to sell?”
It’s a great question.
There’s never a perfect answer for either scenario because everyone’s circumstances are different.
Picking the right time to sell or buy is not a matter of picking the market; that’s actually a risky strategy.
The best time is when you can make an informed decision on current market conditions and how they best reflect your personal circumstances and of course your property goals.
A snapshot of the current market, according to the latest CoreLogic Market report, has seen a national drop in prices of 9.1% from May 2022 through to Feb 2023. This should not come as any surprise after the unprecedented growth post the Covid-19 pandemic.
We are likely to be at the bottom of the property cycle.
Currently, the flow of new listings coming to market is holding much lower than normal. The total advertised property is tracking nearly -22% below the previous five-year average for this time of the year. Advertised listings are well below average across every capital city.
The low stock volumes generally imply stabilization of property prices, which we have seen on the coal face as agents in the field.
Despite the recent uncertainty, the Australian love affair with property continues to show resilience.
Aussies love property, and we can’t see that changing anytime soon.
If interest rates stabilise from here, there is a good chance consumer sentiment will improve, bolstering housing market activity from both a purchasing and a selling perspective.
Having said that, there is a steady flow and volume of buyers ready and willing to purchase across all our markets. As a national network operating in every state, we are experiencing competitive bidding and clearance rates at auctions above 70%.
That’s a good indicator that confidence is returning.
We anticipate that the market will remain balanced for the remainder of the year without further fluctuations.
Therefore, if you are contemplating a move of either buying or selling, the current market should be viewed as an opportune time to achieve your property aspirations without any future surprises.
As selling agents and property managers, we are skilled at navigating and guiding our clients through all possible scenarios.
We would love and welcome the opportunity to help you with your next move and give you a hyper-local snapshot of what’s happening in your local marketplace so you can make an informed decision.
Reach out to your local Agents’Agency member to find out more.
Thank you for tuning in.
