Home Business Public holidays keep sellers aside as market activity slows

Public holidays keep sellers aside as market activity slows

129
0


Many sellers have chosen to sit aside for long weekends on Easter and Anzac Day, leading to a sharp drop in new properties for sale in April as housing market activity slows.

The latest PropTrack Lists Report showed that new real estate for sale on realestate.com.au across the country in April fell by 20.5% compared to March.

New lists in the capitals fell 22.3% last month after the busiest first quarter since 2014 was registered.

PropTrack Economist Angus Moore said the real estate market started 2022 strongly with a rapid pace of new ads for the first three months before the month of April became quiet due to long weekends in a row.

“After an extremely strong end of 2021 and early 2022, sales conditions seem to be hardening and we are starting to see an increasingly healthy balance between supply and demand,” he said..

Despite the fall in real estate put up for sale in April, the high level of new stocks that have hit the market in recent months has given buyers more choice. Photo: Getty


Buyer demand measures remained strong but declined from peaks earlier in the year, he added.

“The high levels of new supplies that have entered the market over the last six months have helped give buyers more choice and facilitate how competitive the market was, ”Mr Moore said.

“Terms of purchase have definitely improved over the previous or late last year.”

Mr Moore said rising interest rates also begins to cool customer demand.

Rising house prices have slowed significantly this year after exceptional achievements last year, s A series of rate hikes is expected to accelerate the slowdown.

Further growth is expected in the coming months, which will continue to put downward pressure on rising prices, ”he said.

While the long weekend at Easter and Anzac Day disrupted real estate activities in April, Mr Moore said auctions returned in May.

“But now we’re also approaching the usually quieter winter season, so market activity will be a little quieter than in the first quarter.”

Mr. Moore did not expect this May 21 federal election affect the real estate market, as the main parties did not note major changes in housing policy, unlike the previous 2019 survey.

“On election day itself, the volume of auctions can decrease only because people do not want their auction to fall on election day.

“But given that none of the major parties are pursuing substantial housing policies in the election, unlike the last election, I don’t think we will see much of an impact on the confidence of buyers or sellers or on market sentiment.”

It is expected that the federal election will not have much impact on the mood in the real estate market, although the volume of auctions will decline on election day. Photo: Getty


All capitals are fixing fewer new facilities

New lists fell in all capitals, leading to a 33.5% decline in Canberra after strong growth in March.

Sydney and Melbourne’s largest markets also had quieter months after active listing in March and the first quarter. New lists in Sydney fell 26.2% from the previous month in April and 25.4% in Melbourne.

The real estate markets in other capitals also had a calmer month, as the holidays held back sellers.

New lists fell 20.8% for the month in Adelaide, 18.4% in Darwin, 18.2% in Perth and 12.9% in Brisbane.

On Hobart suffered the least from public holidays among the capital’s markets: his new lists fell 7.5%.

New lists also softened in regional markets, falling 17.4%.

“The good news for regional buyers is that even with the concentration of holidays in April, new lists remain stronger than last year, and new lists are 1.5% higher than a year ago,” he said. n Moore.

View from the observation deck to the town of Tamworth on the NSW.

New lists have also declined in regional areas where the total stock of properties for sale remains low. Photo: Getty


He said a calmer month for new properties meant that the total amount of real estate put up for sale was down 2.5% from last month and 3.3% in metropolitan cities.

In most cities and regional areas in April there was a slight decrease in total stocks available for sale, and only Brisbane and Hobart recorded small growth of 1.7% and 4.7% respectively.

Mr Moore said that in Sydney and Melbourne the first quarters were so tense that they now had as much total stock in the market as on average over a decade.

This meant that conditions for shoppers in the two cities were better than they had been for most of the last two years of the pandemic, when shoppers had plenty to choose from, he added.

“The fact that it’s back to the Middle Ages is good news for buyers and gives them more choice.

“It’s not the case in other cities, especially in Brisbane and Adelaide, where it’s still significantly down, but it’s good news for shoppers in Sydney and Melbourne.”

The total stock available for sale fell 35% from pre-pandemic levels in Brisbane and Adelaide.

The total number of ads in regional areas also remained low after the increase in demand for regional lifestyles caused by COVID, 40% below the level before the pandemic.

Overall listings by region fell 1.4% in April, partially rejecting growth in February and March.

“Although options for buyers have improved slightly over the past few months, available inventories for sale are still limited in regional areas and some metropolitan cities,” Mr Moore said.

Previous articleJust don’t say “Climate Change” and Manchin supports West Virginia wind energy
Next articleTHE AREA LIVES A MAN