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Home Buyers Celebrate! A surge in property listings hit the market

Exciting news for home buyers! Following a long period of limited property listings, there’s been a big surge in the number of homes entering the market. How might this influence the real estate landscape? Let’s delve into the details.

Explore your nearby suburbs, and you’re likely to spot brand-new For Sale signs popping up. This uptick is due to a substantial increase of homes hitting the market.  As a side note, you’re now probably wondering if you can afford the repayments since there are now more homes on the market. Well, you can use our home loan repayment calculator to find out. Now read on…

Leading research firm, PropTrack, reveals an impressive kickstart for the property market in 2024. In January, there was a 12% year-on-year increase in new listings nationwide on realestate.com.au.

Melbourne and Sydney witnessed their most bustling January in over a decade. Robust activity extended to Hobart, Brisbane, and Adelaide, while Canberra achieved its busiest January ever for new listings. Perth, however, deviated from the trend, registering slightly fewer new listings compared to January 2023.

What’s driving the up-tick in listings?

The up-tick in new listings mirrors the high demand for properties, minimal unemployment, and population growth.

Homebuyers are rejoicing from a steadier interest rate outlook, as February maintained rate stability.

PropTrack indicates that financial markets are currently anticipating a credible possibility of interest rates potentially falling later in the year.

How does this surge in listings impact home buyers?

An increase in the number of available homes offers buyers the advantage of more choice, especially benefiting those seeking their first home or those upgrading. However, the uptick in listings might not necessarily drive down home prices, given the continued presence of eager buyers in the market.

As a reference, CoreLogic’s estimates indicate that 115,241 homes were sold in the three months ending January 31 – marking an 11.9% surge compared to the same period last year. The substantial demand is significantly influenced by heightened migration levels. CoreLogic further suggests that the lower interest rates expected later in the year might contribute to an acceleration in house price growth.

Preparation Strategies: What You Need to Do

Having more choices is advantageous for buyers, but it’s easy to lose focus, especially after numerous property inspections. To stay on track, create a list of must-have features (e.g., aspect, block size, parking) and nice-but-not-necessary features (like a swimming pool or shed) to evaluate each property.

Being prepared to act swiftly is crucial.  Use our home loan repayment calculator to see how much your repayments would be.  Then reach out to get a home loan pre-approval to establish a buying budget, narrowing your focus to homes within your price range. It also means that you can confidently make offers which keeps you ahead of less-prepared buyers. 

Reach out to us today on 1800-E-LOANS to prepare for your home loan and seize the opportunity offered by the rise in property listings.

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1800 35 62 67

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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