An increase in the number of new listings has come about for the Australian housing market, trending higher than one year ago in most of our capital cities. According to national figures from CoreLogic, the number of new property listings over the 28 days ending March 7th was 6.5% higher than a year ago. The detached housing markets remain tight, and the number of new unit listings was 10.2% higher than the same time last year. The number of fresh house listings was 5.1% higher but still 7.8% below average.
Due to the rapid rate at which properties are selling, there does not appear to be a sign that the increasing property prices will slow. Buyer demand continues to outweigh new supply.
Other research from Core Logic reveals detached house prices nationally have risen 4.4% in the past three months, whilst apartments just 1.4%. Investors are also returning as property market values rose at their fastest pace in 17 years in February, with ultra-cheap credit and low stock levels placing Sydney and Melbourne on track to hit record highs. New home loans to Investors jumped 9.4% in January which is the biggest gain in four years, and new home lending to Owner-Occupiers increased by 11.3% in January.
Looking at rising house prices, recent data has found that the number of Sydney suburbs where you’ll need a minimum of $3,000,000 just to get in the front door will top 60 by the end of the year based on median sale prices. This is up from 39 suburbs just 12 months ago. It is apparent too that Sydney’s property market has made a comeback from its lowest point less than two years ago, with new data revealing home values haven’t just recovered, but have hit new records. These new records even surpass the property market peak Sydney reached in July 2017, leaving Sydney in “unchartered waters,” uncertain on whether these price rises will continue, or follow previous trends.
We are currently seeing a flurry of activity in the marketplace right now. If you would like to take advantage of these conditions, or would just like some assistance on how to navigate your way forward, contact us any time so we can help you.