Reading and interpreting market moves is a challenging occupation when figuring out whether it’s a great time to buy and sell property.
One minute prices are buoyant, the nextreports are swirling about the heat coming out of the market.
And then there’s the Reserve Bank of Australia (RBA) teasing us with the hope of a spring cut in interest rates for months, only to now say we may have to wait.
It’s a reminder we can completely over-think the property scene.
If you’re ready to move, and you have the financial capacity to do so, then there really is no reason to wait for a so-called “ideal window of opportunity”.
Why? Because every moment is an opportunity.
If prices go down, your next purchase will be cheaper than if the market is booming. And on the upcycle, you get a better price for your existing home but maybe pay extra for the next.
So the latest report by industry researcher CoreLogic should not affect your plans to transact in the market this spring.
CoreLogic says “momentum is leaving the cycle”. In the three months to August, three capital cities recorded dips in home values, although the national figure rose 1.7%, and between July and August it went +0.5% higher.
The steepest three-month fall was for Melbourne, where prices have dipped -0.9%.
CoreLogic’s Home Value Index has grown +13.5% nationally in the past 12 months, recording all-time highs in many major capital cities since last November.
If you’re ready to sell this spring, we believe there’ll be a keen market of buyers ready and waiting for you.
Here are some of the key points in the CoreLogic report that will give you an insight into our market mood:
- National home values rose +0.5% in July, the 18th consecutive monthly increase in home values nationally.
- Across the three months to August, national values are up +1.7%.
- Combined capital city values rose +1.8%.
- Cities that lost ground: Melbourne (-0.9%), Hobart (-0.8%) and Darwin (-0.3%).
- Growth came from Sydney (+1.1%).
- Mid-sized capitals are tracking strongly with Perth up +6.2% and Adelaide +5% for the three months to August. Brisbane values rose +3.8%.
- Unit values are rising faster than houses in most capitals.
- Darwin and Canberra are the two most affordable capitals after adjusting for local incomes.
- At +1.3% growth, regional housing values are falling behind the capitals.