Many of us have taken a well-deserved break over the summer. Whether travelling overseas, domestically or simply enjoying taking it easy at home - as 2022 was a year of ups and downs - it felt as if a collective recharge was very much needed. As we start the new year, our appraisal and listing trends are following the typical seasonal incline, heading through into late summer. Currently, our new listing numbers are around 10% lower than this time last year, but almost in line with where they sat at the same time in 2021. Our appraisal numbers are 10% up on this time last year, which is an indicator that more new listings may come to the market. Some sellers have a perception that selling in spring and autumn can be advantageous due to weather and gardening conditions but in reality, there’s no ‘wrong’ time to buy or sell property. The factors that trigger buying or selling a home typically have nothing to do with seasons but are driven by much larger factors such as changes in work or family dynamics. While interest rate rises will no doubt continue to restrict some buyers’ borrowing capacity, there are still a few factors putting pressure on housing availability. We’re seeing more migration and international students returning to Australia. Add this to fewer new-builds due to supply chain issues with building materials, we’ll continue to have housing supply issues. While housing values have declined, they’ve not yet surpassed the boom in values during the pandemic, which peaked in March last year. According to Proptrack data, prices nationally are still 28.5% above their pre-pandemic levels. If you’re considering a move, buying or selling, give our expert team a call. We look forward to helping you realise your property goals. Mark Roffey Principal, Ray White Maitland WHAT’S HAPPENING IN OUR MARKET?
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