With Christmas literally just nine sleeps away, the property market has managed to continue to attract a significant portion of media attention, with the latest reports revealing a surge in stock levels last month that shows no sign of slowing, finally giving buyers more options, and perhaps somewhat on the way to more of a market in equilibrium.
November marked the peak of the spring selling season this year, with the latest PropTrack Listings Report showing new listings on realestate.com.au rose 12.1% to the highest level since 2014. New listings in the capital cities rose 12.5% in November to reach their highest level in a decade, while regional areas had an 11.3% rise to a five-year high.
“Property market activity continued to soar in November as sellers made up for lost time after lockdowns,” PropTrack economist Angus Moore said.
He said the very tight competition buyers had faced should start to ease thanks to the new supply coming to the market, saying, “we are seeing more options for buyers to choose from and the urgency for buyers is maybe starting to ease a little; we’re still seeing properties sell very quickly though.”
According to PropTrack economists, there are early signs the extreme seller’s market is starting to slowly shift towards more balanced conditions as an increased supply of new listings gives buyers more choice.
The wave of new listings drove a 6.9% lift in total listings nationally in November, the third straight month of increases. Overall listings were up by 9.0% in the capital cities and 4.1% in regional areas.
Regardless of the increase in stock, the buyer pool is still deep, it is just means now that they will have more choice, which does somewhat shift the power balance which has been heavily loaded on the side of the sellers.
The outlook for the 2022 property market remains strong, with no significant softening in conditions anticipated until 2023…so it is still very much so, an opportune time to sell.