Here comes the sun!
The renowned Spring selling season is upon us, along with welcomed news that inflation fell to 3.5% in July (down from 3.8% in June), due largely to the Federal Government’s energy rebates taking effect and reducing electricity bills for consumers.
Inflation is now at its lowest level since December 2021, and edging closer to the RBA’s target band of 2-3%.
As is always the case, we are gearing up for a lift in sales and listing activity across Spring.
Typically, across the September–November period, our local real estate market sees an uplift of +34.7% in new listings, and 14.6% more sales (substantially higher than the national average Spring uplift of 18.2% and 8.3% respectively), according to Corelogic.
Why does this happen? Sellers generally prefer to showcase their home in its best light with gardens in bloom, the chill of winter gone, and the prospect of transactions settling before the holiday season.
According to Senior PropTrack Economist Eleanor Creagh, Canberra is set to offer homebuyers even more choice than normal this Spring given that, “Canberra is the capital city market with the largest uplift in total properties listed for sale over the past year with total listings already 33.7% higher year-on-year in July.”.
Domain’s July days-on-market figures reveal that homes listed for sale in the local market are taking on average 65 days to sell (vs 60 days year-on-year), while units are transacting after an average of 72 days (vs 65 days year-on-year).
With this in mind, Spring sellers should prepare with the knowledge that heightened supply levels and interest rates, could place some downward pressure on prices. However, you are in the best position to counteract this with the experience and reach of the Blackshaw network.
In fact, data from Domain shows that the average house price rose in Canberra by almost $9,000 (0.8%) over the June quarter to $1.04 million. This quarterly gain has nudged annual changes back into positive territory for the first time in two years.
“Canberra unit prices are also on the road to recovery, rising by just over $10,000 (or 1.8%) over the June quarter. The price gap has marginally narrowed, with houses now 75% more expensive than units – significantly below the 99% peak of March 2022,” according to Dr Nicola Powell Chief of Research & Economics, Domain.
As always, reach out to your local Blackshaw Real Estate agent or office for experienced advice and guidance on how we can help you achieve the best result possible. We are here and ready to help.
