The Australian property market experiences a seasonal boost in spring. This upturn can be attributed to several factors, including the favourable weather, increased property availability, and the prevalence of auctions. If you are considering property transactions in Australia, pay attention to property market trends; spring may be the right time for you.
Spring Property Market Trends
Here are three trends we have observed in the property market during spring.
Increased Activity Due To Warmer Weather
The warmer spring weather encourages people to venture out more, leading to heightened buyer activity. As the days grow longer and temperatures rise, potential buyers are more inclined to explore properties, making it a suitable time for sellers to showcase their homes.
Abundance of Properties
Spring also sees a surge in the number of properties hitting the market. This influx provides buyers with a broader array of options, increasing the chances of finding an ideal property to suit your needs and preferences.
Auctions become more prevalent during the spring season. The competitive nature of auctions can create a sense of urgency among buyers and sellers. This urgency often translates to quicker property transactions, benefitting all parties involved.
What Does This Mean For You?
The increased number of properties doesn’t necessarily mean house prices will decline. Despite additional properties coming onto the market in spring, the Australian property market remains competitive in the current environment of high interest rates and inflation. Now more than ever it is crucial to be finance ready so you can stay ahead of the competition.
Looking Ahead to 2024
CoreLogic’s Home Value Index revealed that national property prices in Australia saw a 1.1% increase in June 2023, up from 0.9% in May. This marked the third consecutive monthly rise in property prices, indicating a positive trend. In addition to Australia’s property market stabilising, the data supports another spring market pick-up.
As Australia’s property market recovers from the impacts of the COVID-19 pandemic, it is prudent to be mindful of other factors, such as the fluctuating interest rates and inflation, as they can influence property prices in the coming months. However, we are hopeful that the spring property market surge will continue into 2024.
If you are considering buying or selling a property in Australia, now may be a good time. Unsure where to begin? Book a call with us or fill out our contact form, and we can get you started on your property journey by connecting you with the right real estate professionals while guiding you through current market conditions, ensuring that you make well-informed decisions.