27 Aug Spring selling season preview
If the past is anything to go by, we’re likely to experience an increase in both buying and selling activity during the final quarter of the year.
Over the past decade, there have been 8.3% more sales in spring (compared to winter) and 18.2% more new listings, according to CoreLogic. That said, head of research Eliza Owen noted that wider forces can override these seasonal trends.
“Looking at spring of 2024, it is possible we could see demand come under pressure from a continuation of high interest rates, slowing economic conditions and low consumer sentiment, and sellers may struggle in two of the state capitals in particular,” she said.
The cities she’s referring to are Melbourne and Hobart, where, during the three months to July, the number of new listings exceeded the number of sales – in other words, supply exceeded demand. As a result, buyers in those cities are likely to have a lot of options, which could put them in a good negotiating position.
By contrast, sales exceeded listings in Sydney, Brisbane, Perth and Adelaide, which means buyers in those cities are likely to have fewer options, and therefore less market power.