During the past seven days, newly listed homes climbed by 2.7 per cent while mortgage activity rose by 4.3 per cent compared to the previous week, a further sign of improvement.
This shows that confidence is returning to market off the back of eased social distancing restrictions, and government policies.
Propertyupdate.com.au detailed the #3 early market indicators that can give us an inkling of the direction we’re headed:
- Pre listing activity has been on the rise, think Comparative Market Analysis reports generated by real estate agents.
- New advertised properties for sale, after a dip in April, new listing numbers are beginning to rise with a 2.7 per cent gain on the previous week.
- Mortgage activity and Loan Purpose, the numbers from the bank are showing that there’s been a 3 per cent increase in valuations being ordered.
These indicators give us hope that the Property Market will dodge the worst-case scenario prediction from the CBA this week of a 30% drop in values.