Nerida Conisbee
Ray White Group
Chief Economist
There was no rate cut last week but with markets now pricing in two cuts this year, it seems to be enough to drive demand for property. Property inspections are high, listing authorities are showing that more people are coming to market and weekly pricing is showing that Australian house prices are rising quickly as a result.
Open home attendance wasn’t a great measure during COVID-19 given restrictions but is now providing a good measure of interest. Ray White tracks on average the number of visitors to 40,000 open homes per month. January was a strong month with 16.5 visitors per home, above the three year average of 15.6.
Significantly, the markets experiencing the most visitation were South Australia and Queensland, both of which are currently seeing strong price growth. South Australia hit 25.3 visitors per open home, the highest on record. Queensland reached 18.6 visitors, the highest number in two years.
Is this fast start leading more people to sell their properties? Ray White listing authorities give us some insight as to what the pipeline of properties is looking like. Listing authorities track the point at which a Ray White agent is signed to sell a property but is yet to be advertised. The year has started a lot stronger than both 2022 and 2023, suggesting that an uplift in buyer demand is leading to more sellers coming to market.
Nerida Conisbee Ray White Group Chief Economist The Australian housing market is experiencing a notable shift, with affordability driving unexpected trends across different property types. Affordable house price growth is now outpacing the luxury market. While the opposite is now occurring for apartments. The traditional outperformance of luxury homes in … Read more
The Economist, a weekly magazine, recently undertook an analysis of where it was possible for a single person to affordably rent alone. The analysis was referred to as the Carrie Bradshaw Index, named after the fictional character in “Sex in the City” where Carrie lives alone in New York, presumably … Read more