A rebound in property prices appears to be entrenched as new industry numbers show a third successive rise in house prices and the strongest growth in the residential sector since November 2021.
The industry analyst CoreLogic has reported values up 1.2% in May, which follows encouraging spring sales in March and April when price rises of +0.6% and +0.5% were recorded. The big movers were Sydney (1.8%), Brisbane (1.4%) and Perth (1.3%), but value growth accelerated in every capital city.
As an experienced agency in our area, we know no one in the current economy really feels like it is a party. But this trend indicates the market is on the move again – and that’s great news if you want to sell.
While the challenge of mortgage costs is top of mind, we see the strong price performance underpinned by a lack of inventory.
Across the country, listing levels are currently -20% below 10-year averages. This lack of buyer choice continues to give sellers a strong negotiation position. It might not stay like this, though as low stock is common in winter, even if this year it does seem to be extremely low.
Market sentiment changes quickly in real estate, and you don’t want to find yourself caught in a wave of sellers coming onto the market in the medium term as the weather warms up.
If you’re considering selling, this could be an optimal moment. Below, we’ve outlined some common challenges that persuade owners it’s time to move. If you recognise your situation, please contact us.
Big squeeze – A growing family is one of the most common reasons to move home. Whether you have a young family or kids turning into teenagers, living on top of each other is never fun. Everyone needs their own space.
Lifestyle – A long commute can steal your energy, and many of our clients choose to move home to ease the daily grind. On other occasions, couples who start a family want to go in the opposite direction, finding more child-friendly amenities away from the city centre.
Fresh start – Emotional issues can come into play, too. The desire for a change of scenery or the need to be closer to family are popular reasons for moving.
Finances – If you find yourself in an improving financial situation, buying a larger home can enhance your lifestyle and be an outstanding long-term investment. Alternatively, those downsizing can find financial freedom by selling.
Nail it – Home maintenance can burden older owners and younger ones with demanding careers and little time for tasks like fixing gutters or trimming hedges. Sometimes, it’s better to move somewhere more conducive to your lifestyle and take away the stress.