The spring selling season is unlikely to deliver a rebound in residential sales volumes despite a substantial rise in listings.
The spring selling season is unlikely to deliver a rebound in residential sales volumes despite a substantial rise in listings as further interest rate rises and persistently low consumer confidence would likely dampen demand, experts say.The spring selling season is unlikely to deliver a bounce in sales and prices amid weak demand.
“Sales volumes are falling quite sharply, particularly in Sydney, so I have no reason to suspect that would have turned around,” Mr Lawless said. “It has probably gotten worse considering the higher interest rate environment and low consumer sentiment. New stock nationwide had risen 11.4 per cent in July, compared to a year ago and is currently 6.3 per cent above the previous five-year average.Over the four weeks ended August 21, new listings across Melbourne, Sydney and Canberra had climbed by 23 per cent, 19 per cent and 22 per cent respectively.amidst the normal seasonal rise in fresh listings at a time when housing demand is likely to be lower due to higher interest rates and low sentiment,” Mr Lawless said.
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