Great news for home buyers! After a prolonged period of low listings, the market is now seeing a surge in new homes being listed for sale.
This increase in listings could have an impact on the property market.
Let’s explore further…
If you take a stroll around your local suburb, you’ll likely notice an abundance of fresh “For Sale” signs cropping up everywhere. This rise in available homes for sale is significant.
According to research by PropTrack, the property market has kicked off the year on a strong note. The number of new listings on realestate.com.au has gone up by 12% year-on-year in January, indicating a positive trend.
Major cities like Melbourne and Sydney witnessed their busiest January in over ten years. Similarly, Hobart, Brisbane, and Adelaide experienced robust activity, while Canberra saw its busiest January ever for new listings. Notably, Perth was the exception, with slightly fewer new listings compared to January 2023.
What’s Behind the Increase in Listings?
The uptick in new listings is a result of strong demand, low unemployment rates, and population growth. Moreover, home buyers are benefitting from a more stable interest rate outlook.
With interest rates remaining steady in February and expectations of potential rate cuts later in the year, the property market is looking favorable for buyers.
Implications for Home Buyers.
The increase in available homes presents buyers with more choices, a significant advantage for those searching for their first home or looking to upgrade. However, despite the rise in listings, it may not necessarily lead to lower home prices due to the consistent demand from eager buyers.
CoreLogic’s data indicates a rise in home sales, with migration playing a crucial role in driving demand. Additionally, the anticipation of lower interest rates later in the year could potentially fuel house price growth.
How to Prepare.
While having more options is great for buyers, it can be overwhelming to keep track of your property preferences, especially after attending numerous inspections. To streamline your search, consider creating a list of essential home features you desire, followed by nice-to-have features. This will help you evaluate each property you visit more effectively.
Moreover, having pre-approved home loan financing in place enables you to determine your buying budget and focus on properties within your price range. It also positions you to make offers confidently, giving you an edge over less-prepared buyers.
Reach out to me today to ensure your home loan arrangements are in order and capitalise on the increased availability of homes for sale. Happy house hunting!
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