Preparing For Spring Selling Season 2022
Weekly Real Estate Market Update with Leigh Martinuzzi MPG
Although we saw another cash rate increase last week, the first week of August has already seen a little more activity in the real estate space. I notice auction clearance rates and sales by private treaty, particularly in our southern states, have increased. I expect this additional activity in our southern states will flow up here on the Sunshine Coast. And with Spring just around the corner, I am confident we will see a good selling season before Christmas. We will see a couple of further rises in the cash rate, which will keep the market moving along at a slower pace than we’ve become accustomed to however, there will still be active buyers searching for their next home to purchase.
Across Australia, dwelling prices fell slightly for the first week of August by about -0.2% across our capital cities. The month of August seems to have a touch more confidence than what we experienced in July, which makes me think the road ahead may not be as rocky as some have feared. Locally, we’ve seen some properties selling quickly, with good offers still being presented within the first couple of weeks of being advertised. One thing that is definite, is that properties need to present good value to attract confident offers early on. A-grade properties are still very much sought after, and those properties that present well, and are priced right, still grabbing the attention they deserve.
Properties listed for sale for the month of July 2022 were up 4.9% on this time last year and was the largest increase in new listings since 2010. This will be refreshing news for buyers as we head into the Spring selling season, they will have more options to choose from and won’t have the competitive pressure to purchase something quickly. Sellers on the other hand will have to accept this and understand that they will have to be more accommodating to buyers if they want to get their house sold before their neighbours. We can expect a more balanced market with buyers and sellers.
Only a few weeks left until Spring and I for one am already enjoying this lovely weather. As we head into Spring, we will see real estate activity escalate. Typically, it’s a busy time of the year for property sales and many people choose the better weather to sell and ideally settle before Christmas. If you are considering selling prior to Christmas, now is a good time to start preparing your property for sale. I have the perfect book to help you do that, “You Only Get One Chance”. If you’d like a free copy and live locally, please contact me and I will arrange for one to be sent out.
AUCTION CLEARANCE RATES – WEEK ENDING 7TH OF JULY 2022
- Queensland – 38% (230/1169)
- NSW – 55% (614/1282)
- Victoria – 56% (624/1195)
- ACT – 58% (66/89)
- South Australia – 66% (125/319)
- Tasmania – NA (0/136)
- Western Australia – 25%% (8/661)
- Northern Territory – NA (3/25)
*(Auctions/Private Sales)
REVIEW OF THE WEEK
Easy to talk to
Leigh was very knowledgeable about the median pricing in our area and got us a very good result. – Woombye Seller
Professional, Helpful and Supportive
I found Leigh to be very professional and efficient. I was very nervous selling my house as I am 84 years old and not really expecting to move, but Leigh was most helpful and supportive through the whole process. I cannot recommend his services highly enough. – Palmwoods Seller
