{"id":23532,"date":"2024-08-26T11:31:59","date_gmt":"2024-08-26T01:31:59","guid":{"rendered":"https:\/\/www.purefinance.com.au\/a-look-at-the-spring-property-market-in-2023\/"},"modified":"2024-09-02T09:24:11","modified_gmt":"2024-09-01T23:24:11","slug":"a-look-at-the-spring-property-market-in-2024","status":"publish","type":"post","link":"https:\/\/www.purefinance.com.au\/a-look-at-the-spring-property-market-in-2024\/","title":{"rendered":"A look at the spring property market in 2024"},"content":{"rendered":"\n

It\u2019s time for another spring property market update with the always brilliant Kellie Landrey \u2013 principal Buyer\u2019s Agent at Scoutable<\/a> \u2013 whose down to earth approach to property buying and accessible, relatable market insights always leave us feeling better informed.<\/p>\n\n\n\n

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Pure Finance: Kellie! Thanks so much for taking the time to do a spring property market check in with us again this year. It\u2019s becoming a highly anticipated event\u2026<\/strong><\/p>\n\n\n\n

Now we\u2019re not sure about you, but it feels like we\u2019ve had our busiest winter period yet and it looks like the spring buying season has actually kicked off early this year. Does that translate for you? What\u2019s your \u2018Buyers Agent\u2019 take on the last few months?<\/strong><\/p>\n\n\n\n

Kellie Landrey:<\/strong> Hey team, it\u2019s my pleasure! Thanks for chatting with me and I agree with you - It's been a busy winter from a \u2018buyer activity\u2019 point of view but from a \u2018supply\u2019 point of view, we are still light on.<\/p>\n\n\n\n

According to CoreLogic, new listings (<30 days old) nationally have held above average since April this year, and for the four weeks leading to the 4th of August were sitting 1% higher than last year, and 7.7% above the previous five year average.<\/p>\n\n\n\n

However, \u2018despite the strong flow of new listings, the total national listings [aka, all listings] have been holding relatively steady, suggesting that the market is absorbing the above average flow of new listings\u2019, right? So, over the four weeks leading up to the 4th of August, we are actually -1.7% below last year's levels, and -15.9% below  the historical five year average.<\/p>\n\n\n\n

So basically, even though stock levels are a little bit up from where they have been, they're not up enough to absorb buyer demand, which is leading to strong growth.<\/p>\n\n\n\n

But whenever these statistics are given, they're usually given as national or capital city averages, right? And so inner city locations are always above or below the statistics. So, if the statistics are saying that stock levels are up but that's still not enough, then it's even worse in the inner city areas. And if they're saying that property prices have increased above average, then the inner city is going to be even more above that.<\/p>\n\n\n\n

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PF: Yeah and it feels like this can even happen on a suburb-specific level?<\/strong><\/p>\n\n\n\n

KL:<\/strong> Absolutely, and even on a property type level and at a price point level. So for example, in the Sydney market, what I'm finding right now is that inner city houses, especially at the $1.5M - $2.5M range, are light on stock so competition is still relatively strong. In the apartment market in the, say, $500k - early $1M range, the market isn\u2019t quite as strong. Though there are, of course, always outliers.<\/p>\n\n\n\n

What I'm also finding (and it's very similar to what I said to you last year) is that despite all the statistics, and despite everything that's happening in the market, what is still remaining true is: if a property is ticking all the boxes, it's flying. And if it has something a little bit \u2018not quite right\u2019 about it, it's struggling but still performing - it's not going backwards. For example, it might only have a couple of buyers on it, as opposed to an excessive amount of buyers on it. And that's especially true in the apartment market.<\/p>\n\n\n\n

So yes, overall it has been busier, and everyone's feeling it.<\/p>\n\n\n\n

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PF: We\u2019ve seen the Adelaide, Perth and Brisbane markets go from strength to strength, while recently released data has shown Melbourne prices starting to fall. There\u2019s talk that we may even see Adelaide and Perth overtake Melbourne when it comes to median property value. What have you been noticing in these markets?<\/strong><\/p>\n\n\n\n

KL:<\/strong> Ok so, let\u2019s take a look at some stats first, and then we\u2019ll go into more detail. This is from the CoreLogic data released in early August, which shows:<\/p>\n\n\n\n