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PRICE MOVEMENTS

It was great news for mortgage holders that the Reserve Bank of Australia held interest rates this month. While it’s possible rates may increase a bit more, house price growth is now firmly entrenched with Australian house and unit prices now exceeding their 2022 peaks. In March, Perth saw the strongest house price growth with an increase of one per cent over the month. Year on year growth is also the strongest in the country, highlighting the strong economic growth in Western Australia. Brisbane’s apartment shortage is showing up in price growth. Apartment prices in this city are increasing at the fastest rate of any capital city. After years of low levels of development, it’s likely that this will strengthen demand for new apartments. While prices are increasing everywhere, Melbourne and Hobart are currently seeing the lowest growth. However, both Victoria and Tasmania are recovering well from the pandemic and the return of international students and a slowing of migration to other states will continue to flow through to housing demand.

LISTING ACTIVITY

While there are a lot of things driving prices upwards, a lack of new listings is one of them. Despite heat returning to the market, new listings are down compared to last year everywhere except Adelaide. Adelaide’s median is now exceeding last year’s peak and it’s likely a factor driving sellers back into the market. New listings are down but it looks like we’re in for a much better spring. Listing authorities (properties for sale but not yet advertised) are now at a similar level to 2022. Although this is Ray White listing authorities only, it still represents over 12 per cent of all listings in Australia. It’s also likely other agencies are experiencing a similar trend. The number of new listings continues to be low but the total number of properties for sale remains historically high. Longer time on market means that the number of properties for sale is exceeding the number of properties sold. It’s likely that this will start to reverse over the next six months.

AUCTION INSIGHTS

Buyer activity continues to increase and we’re seeing this most clearly through Ray White auction data. The number of people bidding at auction is now back to where we were in April 2022. The number of active bidders remained stable in June, rather than increasing, perhaps due to the surprise interest rate increase at the start of that month.

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