We have now passed the midway point of 2022 and the property market has gone through some significant changes over the past few months. We saw a federal election campaign resulting in a change of government, record-high inflation and 3 interest rate rises over consecutive months. This has effectively turned the property market on its head.
What we have seen as a result is a dramatic change in buyer behaviour. Late last year into the beginning of this year buyers were looking to purchase a property with extreme urgency, whereas following the first interest rate rise in May they adopted a very cautious wait and see approach. Over the past few weeks we have seen that change again into a more positive ‘lets get on with it’ approach and as a result we have seen more property selling.
In the months ahead we can probably expect some more pain with interest rate rises and as a result property prices will most likely soften a little. On a positive note, if you are a property owner, your property is worth more now than it was 12 months ago and as a purchaser there is a good variety of property available and coming to market making it an ideal time to get out there and buy.
Curious to know the new value of your property? We are happy to offer you an updated market appraisal at any time – don’t hesitate to get in touch.