The property market continues to grapple with affordability issues, driven by elevated financing costs and persistent price growth across most sectors. However, the landscape may be poised for change. The past month witnessed diverse price growth across Australian property markets, further accentuating nationwide value disparities. All cities experienced increases in mean house prices, though the pace varied significantly. Canberra showed the most modest gains, just a 0.2 per cent increase over the last month. The annual growth rate remained subdued at 1.5 per cent, indicating a more tempered market than some other capital cities. A significant development in the broader economic landscape is the headline inflation rate which fell to 2.8 per cent in the third quarter of the year - a 3.5-year low. Whilst that sits within the Reserve Bank’s target inflation range of 2-3 per cent, the RBA is still not expected to cut interest rates before the end of the year. February or April next year are seen as the more likely timing for a move by the central bank. As economic confidence builds, we anticipate a surge in listing activities, with property owners who have been reluctant to sell now preparing to enter the market. This potential increase in supply could reshape market dynamics, offering more choices to prospective buyers who have been waiting for more favourable conditions. Overall, this transition signals a possible end to the market’s holding pattern and the beginning of a more dynamic property landscape in the coming months. Buying, selling, investing - be it your first home or upgrading - I invite you to get in touch and experience the Ray White difference my team and I can offer you. Andrew Lonsdale Senior Sales Agent Ray White Canberra WHAT’S HAPPENING IN YOUR MARKET?
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