Prior to anticipated rate cuts, buyers are acting swiftly:
The Reserve Bank of Australia is expected to cut interest rates soon, prompting many potential homebuyers to act more quickly. Experts think that a rate cut in July is likely because inflation is slowing down, exports are falling, and uncertainty around the world is growing. People will be able to borrow more money if that happens, which will make the market more competitive. If buyers act now, they might have a better chance before the rush starts.
Prices are going up in most big cities.
In many cities, the prices of homes are going up steadily. Prices went up by 0.6% in all of the capital cities in June. That means a 2.7% rise over the past year. Prices in Brisbane went up by 7.0%, in Adelaide by 17.3%, and in Perth by 12.6%. Sydney also saw a small rise of 1.3%. Melbourne is the only city where prices are a little lower than they were last year. These numbers show that property prices are going up, especially in cities where growth is happening.
Even though there are fewer listings, auctions are still going strong.
There were 1,786 homes up for auction last week, which was a little less than usual because of school holidays. However, despite the decrease in listings, clearance rates remained high. Melbourne had a clearance rate of 75.5%, while Sydney and Brisbane both stayed above 70%. This shows that serious buyers are still looking for good homes and are ready to compete for them.
Prices are staying high because there aren’t enough homes for sale:
There is still not enough housing available. The number of listings is at its lowest level since 2007. In May, there was a small increase in the number of new homes, but the total inventory of homes for sale remains significantly below average. Many sellers are waiting for additional information, which results in buyers having to compete for a smaller selection of homes. This is one reason why prices are still high and competition is tough.
.Some cities are seeing slower but still steady rent growth:
The national rent increase slowed to 1.3% in the second quarter of June, the slowest rise for the second quarter since 2020. But Darwin, Brisbane, and Sydney still had strong growth. Rent in Darwin went up 2.9%, in Brisbane it went up 2.0%, and in Sydney it went up 1.5%. These cities are still excellent choices for buyers who want to make steady rental income.
Asking prices show that there is a lot of demand in the suburbs:
Asking prices are staying strong, especially in suburbs where there aren’t many homes for sale. Sellers are sure of themselves, and buyers are still willing to pay for the right property. But not every suburb does well. Some are getting bigger quickly, while others are staying the same. That’s why it’s important to dig deeper and base your choices on what’s going on in your area.
If you want to buy a house, working with the right buyer’s agent can help you save time, money, and stress. Investmate enables you to find the right property, do the research, and talk to the seller, and you don’t have to do it all by yourself. We know the market, we know what a worthy investment is, and we only work for you, the buyer. You can reach Investmate by phone at +61 421 942 049 or by booking a free one-on-one consultation here. The purpose of Investmate is to facilitate your purchasing process. We assist you in making well-thought-out plans, avoiding typical blunders, and identifying value in the competitive market of today.
