Strong Sales to Continue in Spring? | August 2023 Market Update

And just like that Winter is coming to an end and with the amazing weather we have had this week we have launched straight into Spring. Interestingly, the Winter of 2023 was probably one of the best selling Winters that we have had in some time. This comes down to a number of factors, such as good first home buyer incentives being introduced, interest rates being on pause for two consecutive months (hopefully three shortly), good buyer demand, and a relatively low stock level. All of these factors have kept sales prices strong and days on market short.

As we head into Spring we have been conducting more market appraisals. This is a sign that home owners are starting to seriously consider their position with cost of living pressures and higher interest rates now becoming the catalyst in prospective vendors looking at their options to sell. This could see an increase in stock levels and property going to market, which is typical as we head into Spring and the warmer months. The big question will be whether the buyer demand continues to stay strong as more people look to sell, or will we again see a shift towards a buyers market similar to what we saw at the beginning of the year.

On the rental side of things there is a reasonable demand for housing but certainly no rental crisis, as we have a steady flow of available properties for lease, all being let reasonably quickly but we certainly aren’t seeing the demand that the media is reporting and that we are hearing about in the City.

All in all I get the feeling that our marketplace is normalising after a turbulent couple of years and we will see a good Spring market. Don’t hesitate to get in touch if you have any questions.

And lastly, wishing all of the dad’s a happy Father’s Day on Sunday – I know I’m looking forward to some family time.

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