Property Listings Remain at Record Lows – MPG
Weekly Real Estate Market Update with Leigh Martinuzzi
New property listings coming to the market are well below averages for this time of the year as many sellers hesitate to sell. Nationally listings are down 18% this year compared to last year. And in week 11 when we usually see a significant uplift in homes for sale, this year there were 8721 new homes listed for sale which is down -27.3% on this time last year. Locally, here in Palmwoods, Woombye, and the surrounds, we’ve seen a slight uplift in new homes for sale, however it is still below what is typical. While the increasing interest rates have bought prices back slightly over the last 12 months the lower level of listings is helping support housing values.
While I cannot report on the exact figures for the Sunshine Coast, new listings in Brisbane are -17.8% below the five-year average and -20% below this time last year. It is unlikely that we will see an uplift in new listings in the next couple of months, nothing above normal anyway. I expect those that don’t need to sell will be holding off until there is a little more certainty in the marketplace. The lack of listings is allowing sellers to hold firm on their asking prices and causing a bit of a stand-off between buyers and sellers in negotiations. While sellers need to show some flexibility around their asking prices, buyers also need to understand market values won’t decline much further from here and may even rebound slightly towards the end of 2023.
On one final note, thanks to Matusik, check out the charts below around Australia’s population growth. Boom! Looks like we are going to need more houses to accommodate the additional growth. We can expect to see, rental demands, particularly in the inner-city areas skyrocket. Additional demand combined with lower homes for sale may even bring an uplift in prices, and if the RBA does start to ease back on the cash rate later in 2023, look out! That’s all from me this week. If there is anything I can help you with please get in touch.
AUCTION CLEARANCE RATES
- Queensland – 48% (253/1142)
- NSW – 61% (976/1556)
- Victoria – 66% (1202/1273)
- ACT – 58% (97/92)
- South Australia – 72% (129/372)
- Tasmania – NA (3/153)
- Western Australia – 8% (12/779)
- Northern Territory – NA (2/29)
REVIEW(S) OF THE WEEK
We were in a difficult position, needing to sell quickly due to family situations and financial difficulties. After discussing our situation with Leigh he reassured us that he would do the best for us and was confident of a quick result. One open home and the house was sold. Minor issues with the building report delayed the sale but Leigh negotiated a settlement between us and the buyer and the deal was done. We couldn’t have wished for a better result. Leighs knowledge and experience certainly showed. He ensured we were informed of the process at every stage and gave us confidence in his ability to get the best result. – Seller