Is it a good time to sell your house now? Home owners might not want to hear it, but new analysis shows the moment when interest from buyers was at its height – and how far it’s fallen.
Sydney and Hobart saw the earliest peak in demand, reaching a high in early 2021.Advertisement
Demand for Melbourne units peaked that same month, while demand for houses peaked in October, as did the demand for Brisbane houses and units. Domain chief of research and economics Dr Nicola Powell said the market had been cooling since last year, when demand peaked in October across the combined capital cities. Demand in regional Australia peaked in the same month for houses, and in January 2021 for units.
She added Sydney’s earlier peak reflected the city’s greater affordability challenges, and said the harbour city was further along the price cycle. “For sellers, it’s a timely reminder that the market has moved and pricing your property right is important, if they want to secure a quick sale.” “Whilst you have that tightening [rate] cycle continuing, dwelling prices are going to soften, as will demand from buyers, because affordability is being impacted by higher mortgage rates,” she said.
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