There is a lot going on in the world at the moment, with a lot of it happening in our own backyard. Our thoughts go out to everyone who has been impacted by the terrible floods in Southeast Queensland and Northern New South Wales. We hope that everyone there is safe and are getting the help they need.
The country is also now fully open after the WA border restrictions were overturned last week. With a high double dose vaccination rate and more than 68% triple dosed, we’ve been lucky to keep hospitalisations to a minimum and the effects of COVID haven’t been as severe over here as it was for the rest of the country. Fingers crossed it remains this way and we can get through this relatively unscathed.
As for the market, national growth for February was 0.6% down from 1.1% since January and the peak of 2.8% in March 2021. With Sydney showing the sharpest slowdown (-0.1%) being the first decline in housing since September 2020 and Melbourne (0.0%) like the previous months of (- 0.1) December and (+0.2) for January.
It’s a very different story across Adelaide, Brisbane, and Hobart where they enjoyed above 1.0% in February. Similarly, regional markets rose with 5 out of 6 regions continuing to record growth above 1.2%
Stock levels have normalised in Sydney and Melbourne, which explains the flattening of the spike. Adelaide and Brisbane stock levels remain more than 20% lower than this time last year and more than 40 % below the previous 5-year average, which is just staggering.
Then there is Perth, which is still showing positive growth of 0.3% for February, 1.3% for the quarter, and 8.6% for the last 12-months. The national median house price is $728,034 and little old Perth is still $535,335. With the borders are now open, it doesn’t take a rocket scientist to see that Perth is ripe for a massive boom. That’s my prediction anyway for what it’s worth.
The long and the short of it is that no matter where you are, we are still in an increasing market. So once again, just keep milking it until it changes. If your market has started or completely shifted, that means it is time to react, pivot, and swing into a more selling strategy type approach and high vendor contact to help educate them to meet the market.
Selling season is still upon us, so turn up the volume and keep taking full advantage of these conditions while they last. If you’d like to find out how Real Estate Brilliance can help you find more quality listings, close more deals, and sell more property to earn more money, make sure you give us a call today.
