What’s happening in your market In October 2023, research conducted by Raine & Horne revealed a notable 25% surge in groups attending open for inspections (OFIs). Adding fuel to this late-year enthusiasm for bricks and mortar is Australia’s surging annual net migration, which likely reached 470,000 people for 2022/23. This population influx is driven by the return of international students and working holidaymakers, has added extra demand for Australian real estate. Even in the face of a succession of interest rate hikes, enthusiastic investors and homebuyers have remarkably sustained their activity in the market and this resilience and persistence is likely to extend the traditional spring market right up to the holiday season. Despite more buyers attending open homes, our research reveals that appraisals across Australia only saw a modest month-on-month increase of 3.4% in October, which will mean fewer properties available to meet buyer demand. It comes as no surprise that CoreLogic has reported a national uptick in home values, with a 0.9% increase in October. For a professional selling experience, contact one of our Raine & Horne agents today for an obligation-free appraisal of your property’s value and discuss your options for sale. Raine & Horne Bardwell Park | Kingsgrove | Earlwood 02 9556 2071 Photo by point3d from Unsplash
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