MESSAGE FROM OUR MANAGING DIRECTOR
While there continues to be uncertainty and volatility in many aspects of our lives , overall it ’ s been a strong start to the year across the real estate markets in which we operate . For the first time in a few years however , there are differences between markets . Some are experiencing continued momentum , while the amount of property sold in some markets has declined from 2021 peaks .
We set another sales record in February with $ 7.1 billion in unconditional sales , and all Australian residential markets were higher than February 2021 . In New Zealand , we experienced less trading activity overall when compared to the same month last year , and that market is experiencing different dynamics to those in Australia . Overall , we helped more than 20,500 buyers and sellers realise their property dreams during the month . Interestingly , while the value of property sold was four per cent higher than last February , the number of properties sold was 10 per cent lower , illustrating the increase in the median price of property sold .
Overall , there are more properties on the market than this time last year . About 10 per cent more , and it ’ s pretty consistent across Australia and New Zealand . Some Australian markets , including Queensland and South Australia , are witnessing more sales , while other Australian states and New Zealand are experiencing declining number of sales . Apart from the past few years , these differences between markets have always been a feature of our markets , and so it ’ s a return to more normal conditions .
There are many current and upcoming economic and political issues being discussed that many consider will influence the outlook for the real estate markets . Some are predicted to put downward pressure on the market , such as the chance of increasing interest rates , potential for further inflation and upcoming elections . Some should have the opposite effect , being the return of immigration and the attraction of investing in ‘ hard assets ’ ( such as real estate ) in uncertain times .
All of these considerations underline the importance to all property owners of accessing relevant and timely information on what ’ s happening in their area . Nothing is more dangerous than generalising property market information . Furthermore , once a property is on the market , a strong marketing strategy and an active strategy to maximise competition is essential to ensure nothing is taken for granted and the best possible result is achieved . All of our members welcome these discussions with the customers .
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