Is the Property Market About to Collapse?
Weekly Market Update with Leigh Martinuzzi MPG
The property market continues to soften as we move through Winter. With the school holidays out of the way, we expect to see a bit more activity however, with the continued talk of more interest rate rises buyer sentiment is still very low. Brisbane property prices dropped 0.1% last week and capital city dwelling prices overall down 1% over the last 28 days. The number of new listings coming up for sale remains fairly low as you can see in the chart below. Although it appears the property market is taking a breather right now, we can expect activity to rebound as we head into spring. Is this the calm before the storm, or do we continue to see a flattening or even a declining market?
Locally, we’ve seen a definite lowering in buyer demand. Right now, it appears more properties are available to purchase, however, this may be because the time it’s taken to sell has now been pushed out. We’ve become used to selling most properties within the first week or two of being listed for sale, however, it is now taking up to three or four weeks to get a satisfying offer and for some properties even longer. Buyers welcome the additional choice and don’t seem to be in a rush to buy, with many waiting to see what prices will do over the next 6 to 12 months. However, those active buyers who find their perfect home are not willing to wait and still ready to put forward good offers. For sellers, this is not the right time to be pushing away motivated buyers if the offer is reasonable.
Last week we launched our June Quarterly market update, which you can download a copy of using the link below. We also have our suburb reports going out this week for those on our mailing list. If you’d like to get an updated valuation on your property or speak with us about the current market, please get in touch.
AUCTION CLEARANCE RATES – WEEK ENDING 10th OF JULY 2022
- Queensland – 39% (130/1112)
- NSW – 54% (347/1343)
- Victoria – 54% (350/1081)
- ACT – 58% (53/77)
- South Australia – 60% (79/268)
- Tasmania – 50% (2/149)
- Western Australia – 12.5% (1/643)
- Northern Territory – 40% (3/23)
*(Auctions/Private Sales)
REVIEW(S) OF THE WEEK
Quick easy purchase
“Leigh was very easy to deal with, clear communication with prompt response to questions and queries which made the purchase of our next home quick and easy!” – Palmwoods Buyer
A Delight to Deal With
“Leigh was a delight to deal with. He has great knowledge of the property and market and was very friendly and approachable throughout the process. He always made himself available and contactable even outside of business hours and with additional matters outside of his role. Really appreciate all your work and assistance and wish you all the best! Highly recommended!”– Woombye Buyer
