Latest numbers add to buyer confidence

Now that we’re officially into the Spring selling season for 2024, it’s probably an ideal time to look at some of the latest data to see what they’re telling us about what the coming months may bring.

There are two sets of recent numbers that are particularly relevant to home buyers around Victoria, so let’s look at them in turn.

Firstly, it is clear that the ongoing shortage of property listings that we have been reporting for quite a while now is easing. Data from PropTrack indicates that new listings across our nation’s capital cities increased by 10 per cent in July, which is quite unusual in the middle of Winter. This left the total volume of houses for sale at more than 14 per cent above the same point in 2023, which is reasons enough on its own for long suffering buyers to start feeling positive about the current market.

The other recent figures which homebuyers will be reading with interest came in the August home value update from Corelogic. These monthly figures show that whilst home values across Australia rose for the 19^th month in a row last month, a clear indication of the underlying confidence in the overall property market, the PACE of growth in prices has slowed recently. For example, the most recent quarterly increase in national home values as 1.3 per cent, which was less than half of the 2.3 per cent recorded in the same quarter in 2023.

What these two sets of numbers indicate is that homebuyers should be able to look forward to a more balanced property market this Spring, which sounds like a good reason for most buyers to fell an increased level of confidence about their next move.

Of course, one of the key ingredients to any successful property transaction, whether you are buying, selling or both, is having an experienced and objective advisor by your side. So why not one of the team at Ian Reid Buyer and Vendor Advocates a call this week on 9430 0000.

You’ll also find plenty of helpful tips for sellers in our free booklet, ”FATAL REAL ESTATE TRAPS EXPOSED”, so be sure to download a copy while you’re here.