It’s been a year for the books nationally with the housing boom lifting prices to just above 21 per cent by the end of this year. But some real estate and economics pundits are calling it: there’s a plateau for property prices ahead.
ANZ have announced that they believe house price growth will peak this year. Why? Tighter credit, more listings, and decreased affordability (we’re the only country in the world – other than Switzerland – with such massive household debt; it totals 120 per cent of GDP). In 2023, ANZ see prices falling – not dramatically – as higher fixed rates really start to bite buyers. In fact, fixed mortgage rates are already rising.
On the upside, ANZ is predicting Brisbane to hold its price growth trajectory better than other cities, with a forecast 9 per cent rise next year. But that’s a lot less impressive than the ~25 per cent price growth sellers enjoyed this year.
We only know the market we’re in today. And it’s been a great market for selling. Sideline sellers (those who have been toying with the idea of making the most of this market) are probably asking themselves whether or not listing your property in December is a good idea. Well, there’s a school of thought that pervades that doesn’t ring true for me, that listing in December-January is a waste of time. I think it is a legacy from an era (pre-Covid, and pre digital property portals) when we might escape with the family overseas or interstate and detach from our regular weekend newspaper reading.
These days, we’re less likely to be overseas and more likely to be enjoying down time perusing property portals and enjoying the Sunday paper at a more indulgent pace.
These days, it’s a sharp idea to list a property over December and January because with Christmas holidays comes a reprieve from business-as-usual and access to more spare time that sees peak viewing numbers on the likes of realestate.com.au and domain.com and raywhite.com.
There’s a large passive buyer audience to be captured with properties over December-January, yet so many sellers have an aversion to listing their property at this time.
Many hold off until Australia Day – but that clashes with an influx of new listings and the return of school where parents and workers are back to business-as-usual and the chaos of life.
I’ll say it again, we only know the market we’re in today. And it’s been a good market for many.
Either way, I’m always available to discuss how timing affects a property sale.
I hope you enjoy the read.