Buyers are enjoying more choice, but also facing higher prices
There's been a big increase in the number of properties being listed for sale, which should please anyone in the market for a home or investment property.
Throughout Australia, the number of new listings (defined as those less than 30 days old) was 14.3% higher in September than August, according to SQM Research. That included increases of:
- Sydney = 12.7%.
- Melbourne = 10.0%.
- Brisbane = 3.4%.
- Perth = 8.7%.
- Adelaide = 12.7%.
- Canberra = 13.9%.
- Darwin = 27.6%.
- Hobart = 45.7%.
Some sort of increase was to be expected, given that listings generally rise as winter ends and spring begins. So it's noteworthy the increase in new listings not only occurred month-on-month but also year-on-year – by 5.7% nationally, and in every capital city except Perth.
Meanwhile, the number of total listings – which includes both new listings and older listings – throughout the country also rose, by 9.3% month-on-month and 1.4% year-on-year.
Asking prices reach record levels
Generally, an increase in listings puts downward pressure on prices, as more supply should mean less demand.
But in September, national asking prices – which refer to the prices initially being asked by vendors, rather than final selling prices – rose 0.9% and reached a new record high. Asking prices also hit record levels in Sydney, Brisbane, Perth and Adelaide.
In other words, buyer competition is strong in many parts of the country.
That makes it even more important to get a pre-approval before you start your property search, because vendors tend to favour buyers who are ready to do business. If you want to buy a property in late 2023 or early 2024, my strong recommendation is to contact me now so I can compare home loans for you and get your finance in place.
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