You’re right, there ARE less listings

Importantly, we’ve been getting feedback from a growing number of homebuyers who have been noticing this trend as well. They have been telling us that they feel there are less properties for sale hitting the market than they were expecting, particularly given that we are now almost halfway through the traditional Spring selling season. This has meant that not only are there less properties to inspect, but this means there is also increased competition from other buyers when they find something that they like.

Some recent market data from Cotality, (formerly Corelogic), confirmed just how tight the supply of new listings is right now. Their figures show that in the four weeks to the end of September, listing numbers in the metropolitan markets around Australia were down by around 18 per cent on the previous five-year average, while at the same time sales activity was up by over 7 per cent on the five year average. Numbers like these show why Melbourne’s auction clearance rate has been tracking in the 70’s in recent weeks.

Not surprisingly, the resultant increased competition between buyers has continued to underpin median property values. National house values have risen by 2.4 per cent over the past quarter, while units have risen by 1.7 per cent over the same period. So it’s certainly positive news for anyone selling in the current market, if a little less pleasing for buyers.

As we’ve mentioned several times IN THESE WEEKLY POSTS, anyone wanting to take advantage of these favourable selling conditions by selling in the Spring market will need to remember that there are now just seven weekends left before Spring officially ends, so you’ll want to get the wheels in motion sooner rather than later.

So if you want an obligation-free update on what your property could achieve in the current market, feel free to give the team at Barry Plant Thomastown a call this week on 9466 3233.

Cheers,

Con Constantinou

Barry Plant Thomastown