Buyers are increasingly enjoying more choice, with a growing number of properties listed for sale in many parts of Australia.
The number of for-sale properties across the country in July was 0.6% higher than the month before, according to PropTrack.
Even better, listings in July were 4.9% higher than the year before, which is the largest year-on-year increase since 2010.
As always, conditions vary among the capitals cities with hobart being the standout in terms of higher listing volumes, followed by Sydney and then the nation’s capital:
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Hobart listings in July were 70.0% higher than the year before
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Sydney up 30.7%
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Canberra up 24.8%
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Darwin up 14.4%
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Melbourne up 10.0%
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Perth up 4.6%
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Brisbane down 0.7%
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Adelaide down 3.6%
Buyers are also enjoying more choice when it comes to purchasing investment properties. This is further strenghtened by a report in June that the vacancy rate is just 1.0%. This low vacancy rate points to an undersupply in housing, which has in turn resulted in rents increasing in many markets across the country. This trend appears to be something that will persist for some time as the new construction commencement numbers continue to fall. This will result in a continued undersupply in housing. We’ve touched in this issue of homebuilding in a previous post.
If you want to buy a property, it’s important you contact us for a pre-approval before you begin the searching process. That way, you’ll know your budget. Also, vendors may be more likely to approve your offer if they know you have finance in place.