A Strange Spring Selling Season | September 2023 Market Update

This year’s spring selling season looks set to be an interesting one. Property prices are steady, more stock appears to be coming onto the market and interest rates may have peaked. So we may see increased activity from both buyers and sellers over the remainder of the year. An interesting observation, however, is that within our office, of the new listings that are coming to market, the majority seem to be sellers who are getting out of the market and are not necessarily buying back in, therefore not adding to the buyer pool. Some being investors releasing their investment, elderly people moving out of the property market and into nursing homes as well as deceased estates. Over the coming months it will be interesting to see whether this dilutes the buyer pool or will there be enough first home buyers and investors entering the market to keep a good level of buyer activity and competition as the stock levels grow.

On the rental side of the business, over winter the rental demand dropped right off and our list of available properties grew. This month, we have seen a surge with our team leasing plenty and our rent list has become minimal. Is this a sign that the ‘rental crisis’ has now progressed beyond the capital cities?

Heading into the long weekend, stay safe, enjoy the sunshine and time with family and friends.

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