RP Data: Property listings expected to rise in Spring
Capital city dwelling values moved 4.2% higher over the three months to the end of August, driven by capital gains across the Sydney and Melbourne markets where values recorded a 5.0% and 6.4% lift, according to RP Data.
The number of property listings in Spring are expected to continue to rise over the coming months and RP Data research director Tim Lawless said this would provide a real test for the housing market.
With the Reserve Bank of Australia Board leaving the official cash rate at a steady 2.5% for the 13th consecutive month, Lawless said “considering the ongoing high rate of auction clearance rates, a generally rapid rate of sale and the ongoing low interest rate environment, it's likely that dwelling values rise even further over the next three months.”
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"Consumer confidence is also moving in the right direction now after the post-budget slump which will add fuel to the exuberant buying and selling conditions we have seen during winter," Lawless said.
RP Data property expert Robert Larocca said “buyers are likely to face more vibrant market conditions and higher prices compared to the spring selling season last year.”