Weekly Real Estate Market Update with Leigh Martinuzzi MPG
CoreLogic has reported the first national home value index rise month on month since April 2022. After a relatively flat February prices have risen 0.6% in March. As reported last week, with current property stock levels remaining low, property prices have avoided falling off the cliff entirely and allowed sellers to remain firm on their asking prices. Overall prices are down -8.5% below the peak in 2022, yet still up 25.5% since April 2020. And this week, the RBA put a hold on the cash rate holding it at 3.6%. This I expect will help improve buyer activity and overall property transactions. The RBA is concerned perhaps they went to hard and too quickly and many banks are now suggesting an easing cash rate later in 2023.
Auction numbers last week were up and property transactions across most capital cities were above the previous week’s levels. It seems that property owners remain on strike and if buyer confidence improves, we may see some of the surplus stock sitting on the market get snapped up. A couple of charts below highlight current stock levels and while normally we see a spike in listings in March, we haven’t seen this in 2023. The average time on the market has almost doubled since this time in 2023. And while prices remain high, vendors are showing some flexibility on their asking prices with the average vendor discounting sitting at -4.2%.
A couple of charts to share thanks again to Matusik below highlighting the current property market clock and which part of the cycle Australian towns and cities are in. Short and sweet this week. I wish you and your family a very safe and happy Easter.
AUCTION CLEARANCE RATES
- Queensland – 41% (324/1181)
- NSW – 61% (1279/1658)
- Victoria – 64% (1261/1280)
- ACT – 50% (115/122)
- South Australia – 72% (148/395)
- Tasmania – 100% (1/164)
- Western Australia – 36% (11/763)
- Northern Territory – NA (1/24)
*(Auctions/Private Sales)
REVIEW(S) OF THE WEEK
Great Results
Good bloke
Leigh is a good bloke. Needs to take some time off. Was answering calls on Sundays and silly late on weekdays negotiating our most recent purchase. – Buyer
Straight talking and honest
How refreshing not to be greeted with “it’s just gone on the market 10 minutes ago and I’ve already got 3 offers” Leigh was very professional telling it how it is and resolving a satisfactory outcome for the seller and buyer. 7 stars mate and Thank you. – Seller
