Market conditions have definitely become a bit more complex in 2022, after the once-ina-generation boom we saw in the Australian property market throughout 2021. Naturally there’s some caution at the start of an interest rate hike cycle on the back of high inflation. Many people will ask themselves, is it best to take advantage of current selling conditions so you can comfortably move into the next phase of your life? Or should you wait it out and see if prices continue to rise? But will that make purchasing your next property even more expensive? It’s all really confusing, and there’s plenty to weigh up. What we do know for sure is that we have fewer homes for sale. This is good news overall as it will mean less competition when you go to sell. When markets enter a new cycle, there are typically less new listings coming to market as sellers are more cautious. This lack of new stock on the market creates a challenge for buyers to find quality property. For these reasons, in a slow market, highly desirable properties are well sought after and will often defy expectations. That’s why we still believe now is a good time to sell. The number of new listings across our group in Australia fell by 10% in April, and this means we kicked off May on the leaner side. This is good news for all our sellers as there’s less options for buyers. We know we have an average of at least four registered bidders per auction right now, and two of them are active bidders. These metrics are slightly above our long term averages and show that we still have plenty more buyers than sellers. Ela Milne Licensed Real Estate Agent Elite Sales and Marketing Executive WHAT’S HAPPENING IN OUR MARKET?
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