THIS MONTH IN RAY WHITE NOW
After rising by 1.8 per cent since the start of the year , Australian house price growth took a breather , declining slightly by 0.2 per cent . The stabilisation wasn ’ t completely unexpected . The drivers of price growth are still in place - there ’ s a shortage of stock , population growth continues to accelerate and construction problems continue . But at the same time , we ’ ve had 11 interest rate rises and many people are coming to the end of their fixed loans . We ’ re in recovery but it ’ s likely to be stop / start for quite some time .
Although price growth has started , we ’ re yet to see a pick up in properties for sale . Ideally we ’ ll start to see more sellers enter the market over coming months . While winter is not generally a strong selling season , it ’ s likely that by spring , we ’ ll be back to more normal levels of stock availability . This is particularly the case given that prices are likely to be back to where they were at the 2022 peak by the second half of the year .
In this month ’ s Ray White Now , we take a look at where homes are starting to sell more quickly . Days on market remain historically low but have increased significantly from where they were 12 months ago .
For our commercial section , we look at how the market has been faring for properties priced under $ 2 million . For first time commercial property buyers , this is usually the entry point . As interest rates have risen however , we ’ ve begun to see less activity at this price point .
We hope you enjoy reading this month ’ s Ray White Now .
Nerida Conisbee Chief Economist Ray White Group
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