What does that mean?
It wasn’t property values specifically, but the change in values. The CoreLogic chart showed the change in Brissie values had been lessening from drops of around -2.0% late last year, to closer to -1.0 in February to remain unchanged at 0% on a rolling four-week basis come mid-March.
Does this mean we will we see growth again soon?
It’s probably too early to suggest we’ve hit the bottom and bounced back up, but “positive momentum” has been clearly visible this year.
What’s driving this resilient price performance?
“The return to a more positive trend in housing values has occurred alongside a persistently lower than normal flow of new listings coming on the market,” says Tim Lawless, executive research director with CoreLogic.
“CoreLogic reports capital city listings over the past four weeks were 19.9% below the previous five-year average for this time of the year.”
So sellers are still sitting on the sidelines more than usual and buyers are still exercising caution as rate rises have continued.
Property analysts will be watching to see who breaks the stalemate. Will more sellers list as interest rates rise or will buyers regain a level of confidence if interest rates plateau – and even drop – as forecast later this year.
Time will tell, but the reality remains, buyers who know their budget and have their finance in order are still looking for good value homes and sellers are still enjoying significant capital gains above pre-pandemic levels.
Thinking the time is right to make your move? View our current listings for sale or talk to us about selling.