Federal elections are an event that traditionally halts the property market. Except it didn’t. According to a recent survey in Real Estate Business Online 63% of respondents said the spring selling season had started in their marketplace.
Real estate agents are heading into the spring selling season with renewed optimism, according to another survey in Real Estate Business Online, which showed 70% of respondents predicting the spring selling season would be better than last year.
RP Data’s senior research analyst, Cameron Kusher confirms current market trends are pointing to a much stronger spring selling season this year.
“Combined capital city home values have increased by 4.9 per cent over the 12 months to July 2013,” he told Real Estate Business.
“In comparison, home values had fallen by 2.4 per cent over the same 12-month period a year ago.”
Strong auction clearance rates have also provided strong signals for the market.
“Preliminary results for last week showed that clearance rates across the combined capital cities were recorded at 72 per cent compared to 49 per cent the same week a year ago,” said Mr Kusher.
“With low mortgage rates, current growth in home values and a substantial improvement in clearance rates, it looks as if spring this year will be much stronger than last year. Coincidentally, capital city home values rose by 0.4 per cent last spring.”
Real Estate Agents are quick to agree with these findings with LJ Hooker Concord Owner Ben Horwood, confirming the strong performance this winter would carry over to the spring season.
“I think it will be a late run of spring as opposed to an early one, but I wouldn’t say it would be huge in volume. I think the increase in activity means there’s going to be some serious price growth in the last quarter of this year.”
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Source: Real Estate Business Online
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