Number of Properties for Sale Increases as Weather Warms
As the weather heats up, industry analysts are reporting that the number of properties for sale is climbing in some capital cities including Sydney and Brisbane.
Typically as Spring arrives, the number of properties advertised for sale increases with vendors and sellers hitting the market with renewed enthusiasm as the weather warms.
According to CoreLogic, this year, as housing market conditions transition, stock levels remain tight across the strongest markets but are rising in areas where housing market conditions are softening.
For example, Sydney, which has experienced a slowdown in prices in recent months, has also seen an increase in the volume of stock for sale relative to recent years. Sydney dwelling values fell 0.6 percent in the August to October period. After five years of incredible price rises, key factors cooling Sydney’s market include affordability, higher mortgage rates for investors and APRA-led restrictions on investor borrowings.
Generally, the real estate industry is seeing the plateauing of prices as favourable as it gives buyers a better chance of securing property while vendors are more inclined to sell because they are in a better position to buy their next property.
Across the nation, CoreLogic is currently tracking 226,007 properties advertised for sale which is -5.3 percent lower than a year ago and well down on levels at this time of the year for the past five years.
Across the combined capital cities, total stock advertised for sale is 1.0 percent higher than it was a year ago with 110,909 properties advertised over the past 28 days.
Looking at stock at this time of year across the combined capital cities there is more stock currently for sale than there has been each year since 2013.
Across the individual capital cities the data varies quite substantially:
CoreLogic reported that in November 25,625 properties were advertised for sale which is 19.5 percent higher than a year ago. In comparison to the same time over recent years, the amount of stock on the market is now higher than each of the past four years.
With 30,570 properties advertised for sale stock levels are -1.7 percent lower than a year ago. The volume of stock for sale is lower for this time of year than any of the past five years.
The number of properties advertised for sale is 2.5 percent higher than a year ago with 20,611 properties currently on the market. Compared to this time of year over the past five years, listings are at their highest level since 2012 however, they are -15.2 percent lower than 2012 levels.
With 8,794 properties for sale, listings are 8.0 percent higher than a year ago and at their highest levels for this time of year since 2013 although they are -7.7 per cent lower than 2013 levels.
The 20,309 properties for sale in Perth is -14.3 percent lower than a year ago, however, it is also 1.6 percent higher than volumes at this time of year two years ago.
With 1,157 properties for sale across the city the volume of stock for sale -33.6 percent lower than a year ago and at its lowest level over each of the past five years. In fact, Hobart stock for sale is -54.7 percent lower than it was two years ago.
The 1,581 properties advertised for sale is -1.9 percent lower than a year ago, however, stock levels remain elevated. In fact, stock for sale is 73.0 percent higher than it was in 2012.
The 2,262 properties advertised for sale currently is 14.4 percent more than there were a year ago. The number of properties for sale is up on 2015 and 2016 levels.
With an influx of new property hitting the market for the traditional Spring selling season, it’s a great time to talk to Cohen Handler about finding the right property at the right price.