Australian house prices continued to increase in the last quarter and are now well above the previous peak in 2021. While surprising given rapid interest rate increases, the growth reflects strong population growth and a housing shortage. Housing supply is expected to remain limited in 2024 and this, combined with interest rates that are at or close to peak, are likely to continue to lead to price growth. Listing volumes were up in early Spring 23 however, since then, the number of properties coming to market has been more subdued. The volume is on par with what we saw at the end of 2022. While price growth would normally lead to more properties coming to market, it appears that a lack of stock may be inhibiting sellers. Most sellers are subsequent buyers. We’re hearing that more investors are selling because of high interest rates but this has had minimal impact on listing volumes. If you’d like an update on the value of your home in the current market, get in touch to arrange a no obligation appraisal today. Market update
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