Exciting developments are underway for home buyers across Australia! Following a prolonged period of limited listings, there's been a significant surge in the number of properties hitting the market in Australia, including Townsville, Queensland, Brisbane, and the Gold Coast. What does this mean for the property landscape? Let’s delve into the details.
If you've been keeping an eye on your local area like in Townsville,Queensland, you've probably noticed an influx of newly listed properties with 'For Sale' signs sprouting up left, right, and center.
This surge in listings is a result of a substantial number of homes entering the market in these regions.
According to data from PropTrack, the property market has kicked off the year on a robust note, with a 12% increase in new listings nationally on realestate.com.au compared to the previous year.
Major cities like Melbourne and Sydney have witnessed their busiest January in over a decade.
Other cities such as Hobart, Brisbane, and Adelaide have also experienced notable activity, with Canberra marking its busiest January ever for new listings.
The only exception to this trend is Perth, which saw a slight dip in new listings compared to January 2023.
What’s driving this increase in listings?
The upsurge in listings is indicative of strong demand, coupled with low unemployment rates and population growth.
Furthermore, home buyers are benefiting from a more stable outlook on interest rates.
With rates remaining steady in February and financial markets anticipating a potential decrease later in the year, buyer confidence is on the rise.
What do more listings signify for home buyers?
The influx of properties onto the market presents buyers with a wider array of choices, which is particularly advantageous for first-time buyers or those looking to upgrade.
However, this surge in listings is unlikely to exert downward pressure on home prices due to sustained buyer interest.
As per CoreLogic, there has been an 11.9% increase in home sales over the three months ending January 31, driven by significant migration trends.
Moreover, expectations of future rate reductions could fuel accelerated growth in house prices.
How can you prepare for this?
While increased choice is beneficial, it's essential to stay focused on your property requirements amidst numerous inspections.
Creating a checklist of essential features (such as aspect, land size, or parking facilities) alongside desirable but non-essential features (like a swimming pool or shed) can help evaluate each property effectively in regions like Townsville, Queensland, Brisbane, and the Gold Coast.
Additionally, securing home loan pre-approval enables you to establish a buying budget, empowering you to make confident offers and stay ahead of the competition.
Get in touch with us today at Premium Finance Group Australia, your trusted mortgage broker in Townsville, Queensland, to streamline your home loan arrangements and seize the opportunity presented by a wider selection of properties on the market in these regions.
To learn more, contact Premium Finance Group Australia at 1800 413 635 or email us at finance@pfga.com.au
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