Spring has been a busy season for many sellers across Australia, but can the same be said for buyers?
The latest report from CoreLogic showed that the number of ads in the three months leading up to November averaged around 39,000 per month. This was 20.8% higher than during the winter months.
"Overall, sales to new listings ratios indicate an increase in listing activity in the spring was greeted by strong demand, although Australians are in the wake of technical recession Record mortgage rates and rebound in consumer sentiment probably had a lot to do with it, ”said Eliza Owen, head of residential research at CoreLogic.
Darwin has the highest sales-to-new listings ratio of any capital city in November, at 1.4. At the start of the spring sales season, the ratio was 1.7.
"This reflects the start of a rebound in the Darwin market, where home values ??had experienced a long, big correction after the mining boom ended," Owen said.
However, as the market appears to be heading for a recovery, the city's values ??are still 24.7% below the peak in May 2014.
The sales / new listings ratio also remained high in Sydney at 1.3.
"The relatively strong result through November was the result of an estimated 3.7% increase in sales volumes during the month, with registrations falling 11.3%. This indicates growing demand for real estate in the Sydney market, where values ??rose 0.4% in the same month, ”Owen said.
Melbourne posted the weakest performance for the month, with a ratio of 0.5 for the month. This suggests there was more stock available for buyers across town.
However, while the low ratio and higher median days in the market in Melbourne seem to indicate a weak market, the city still recorded a 0.7% gain in value over the month.
"This may be explained by record mortgage debt costs, which have increased purchasing power, as well as the fact that the surge in new listings may be concentrated in particular areas of Melbourne which are experiencing relatively low demand, ”Owen said.
Nonetheless, it is expected that, as international travel increases over the next year, the demand for properties in Melbourne will slowly increase.
"Until then, a rebound in this housing market may be moderate, particularly in the Melbourne indoor unit market," Owen said.
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