Early Spring Selling Season Sees 25% Increase in Listings and Sales in NSW and Victoria

The early spring selling season has gotten off to a strong start in New South Wales (NSW) and Victoria, with a 25% increase in listings and sales compared to the same time last year. This is in contrast to Queensland (QLD) and Tasmania, where listings and sales have remained stagnant.

There are a number of factors that are driving the early spring surge in NSW and Victoria. One factor is rising home prices. Prices in both states have been steadily increasing in recent months, making it a good time for sellers to cash in. Another factor is stabilizing interest rates. Interest rates have been rising in recent months, but they are still relatively low by historical standards. This makes it more affordable for many buyers to borrow money, which is also contributing to the increased demand.

In QLD and Tasmania, the property markets are not as strong as in NSW and Victoria. Prices in QLD have been flat in recent months, while prices in Tasmania have been declining. This is due to a number of factors, including the ongoing COVID-19 pandemic and the impact of natural disasters.

The early spring surge in NSW and Victoria is likely to continue in the coming months. With rising home prices and stabilizing interest rates, sellers are likely to be motivated to list their properties, and buyers are likely to be more active in the market. This is good news for the property market, as it suggests that it is still in a healthy state.

Here are some additional details about the early spring selling season in NSW and Victoria:

• In NSW, the number of new listings increased by 28% in July compared to June. The median house price in Sydney is now $1.3 million, up 10% from a year ago.
• In Victoria, the number of new listings increased by 22% in July compared to June. The median house price in Melbourne is now $900,000, up 7% from a year ago.
• The proportion of investor sales in both NSW and Victoria is at a five-year high. This suggests that some investors are selling their properties due to rising interest rates.
• Despite the strong early spring surge, there are still some concerns about the property market. Some experts believe that prices could plateau or even decline in the coming months.

Overall, the early spring selling season is off to a strong start in NSW and Victoria. However, there are still some challenges that the property market faces, such as un certainty of rising interest rates and the number of borrowers who may be facing mortage stress.