Despite the fact the Winter months, national home prices have continued their recovery, with a notable 0.3% increase month-on-month. This marks the sixth consecutive increase, indicating a positive trend in the market overall. The real estate sector across the country is demonstrating signs of resilience and potential for growth.
Among the capital cities, Sydney takes the lead in the bounce back, closely followed by Adelaide, which posted a 0.45% monthly increase. Annual growth for houses in Adelaide currently sits at 5%, whilst an 8% growth has been seen for units.
In a move that brings relief to homeowners and investors, the Reserve Bank of Australia (RBA) recently paused interest rates at its monthly meeting. Over the past 16 months, Australia has seen 14 interest rate rises, however, prices across the combined capital cities are now higher than they were a year ago.
Closer to home, the Pilbara remains steady in all areas.The desirable Pilbara weather is encouraging activity in both the sales and rental sectors.
Sales Statistics from REIWA (30th July 2023) have reported the following:
- Property Sold for the week (ending 30th July 2023) - 15
- Properties Listed for Sale (ending 30th July 2023) – 212
Comparably this same time last year, property sales were at 20 properties, and properties listed for sale were at 240. It is evident that the supply for property is tighter this year.
Leasing Statistics from REIWA (30th July 2023) have reported the following:
- Property Leased for the week (ending 30th July 2023) - 13
- Properties Available for Rent (ending 30th July 2023) – 64
Comparably this same week last year, 21 properties were leased (8 properties higher than this year). Properties available for rent was sitting at 126 last year. This reaffirms that the demand for rental property is higher this year, thus driving rental prices up.
We expect these numbers to remain similar for the month of August due to holidays being high on the agenda, however, if you are considering a move, it may be worthwhile bringing your timeline forward to take advantage of this lower competition levels, putting yourself in a stronger buyer position come the spring months, when it is anticipated that stock levels will pick up.
To discuss this further please don’t hesitate to get in touch.