Aussie property market trends that you should know
If you've been keeping an eye on the housing market, you might have noticed some interesting shifts lately. Here's a rundown of the latest happenings in the real estate world, explained in simple terms for everyone to understand.
1. Home Values on the Rise
Great news for homeowners! In the year leading up to October, home values soared by 5.6%, marking the highest annual increase since July 2022. Your property could be gaining more value than you think!
2. New Listings Making Waves
Over the past four weeks until November 5, a whopping 43,421 new property listings emerged across the nation. Despite the cooler months, the number of new listings is now 10.2% higher than last year, showcasing a promising trend as we head into Spring.
3. More Choices, More Opportunities
Nationwide, we're witnessing a gradual increase just a month ago. Thanks to a surge in new listings, the overall listings are up by 4.2% from total listings, reaching 155,478 in the same four-week period to Novermber 5. This means more options for those on the lookout for their dream home!
4. How long it takes to sell a property
If you've been wondering how long it takes to sell a property, the time it takes to sell property trended slightly higher through the three months to October, with the median days on market nationally currently at 30 days.
5. Dwelling Approvals Take a Dip
In September, dwelling approvals experienced a 4.6% decline. Both house and unit approvals are trailing behind historic averages.
6. First Home Buyers
First home buyers are making a mark in the market! The value of first home buyer finance increased by 1.4% in September, showing an impressive 18.7% rise from the low point in February 2023. Currently comprising 28.9% of new owner occupier finance, first home buyers are exceeding the decade average of 24.2%.
7. 2023–24 Permanent Migration Program
It will be interesting to see how migration will impact the demand for rental properties in the next 2 to 4 months. Keep an eye on which months are the have the largest number of migrants coming to Australia. The Australian Government has set the planning level for the 2023–24 Permanent Migration Program at 190,000 places. This program aims to address persistent and emerging skills shortages, attracting individuals with specialized skillsets that are challenging to find or develop within Australia.
In a nutshell, the real estate scene is buzzing with activity. Whether you're a homeowner, potential buyer, or simply curious about the market, these trends offer a glimpse into the exciting world of property and homeownership. Keep an eye on these trends – they might just influence your next real estate move!
