Despite continuing commentary around the state of inflation and interest rates, Australia’s property markets continue to rise, with CoreLogic figures estimating the combined value of residential real estate across the country rose to $11 trillion to the end of September.
CoreLogic research reports that Australian capital dwelling prices increased by 0.4% over the last month and are now 6.6% higher than they were 12 months ago. These figures indicate that it’s likely property prices and rents will keep increasing throughout 2024.
The Australian property market is once again proving its resilience.
The Auction Market
There were 2,525 auctions held across the capital cities last week, the second-highest volume through the spring season so far (after the week ending September 22nd with 2,781 auctions).
The preliminary combined capitals clearance rate bounced a little higher, reaching 66.6%, up from 63.9% over the previous week, which revised down to 59.5% on final numbers (the lowest finalised clearance rate since December last year).
Numbers are set to rise further over the coming weeks, with CoreLogic currently tracking around 2,600 properties scheduled for auction this week and more than 3,000 auctions over the following week.
Late Winter Surge Kicks Off Solid Spring
New listings levels continued to hold above average, with 39,994 new listings observed nationally over the four weeks to September 1st.
Winter historically has been a seasonally slow period for listings.
However, listing activity over the final month of winter was 4% above this time last year and 16.7% above the previous five-year average.
At the national level, CoreLogic observed 140,107 ‘For Sale’ listings over the four weeks to September 1st.
While overall listing levels have remained fairly subdued, the unseasonably high flow of new listings has seen stock levels accumulate, with the total listing count rising from around -25% below average at the start of 2024 to -12.4% below average.
Making the Most of the Spring Excitement
Most people realise that picking the right time of year to sell can be the key to a successful result when it comes to putting your home on the market.
Spring is often considered the perfect season to sell, with warmer weather bringing buyers out in force, gardens in full bloom, and many looking to settle into their new homes before the holidays. But selling in Spring doesn’t guarantee success – partnering with the right agent does.
At Elders, our agents are trusted local experts who know how to maximize your property’s potential in this competitive market. Whether you’re looking for tailored advice or ready to take the next step, our team is here to ensure you achieve the best possible result.
Don’t leave it to chance – contact your local Elders agent today and make the most of this Spring selling season.