Will the increase of house selling in spring rebalance the market?
There is good news for purchasers who have had few options for much of this year as the spring selling season has come. The Reserve Bank of Australia (RBA) has left the cash rate at 4.10% for the fourth consecutive month, as many commentators had expected. Although the RBA has hinted that it may raise the cash rate in the future, many analysts think rates have already peaked.
Home prices have also been supported by record net migration levels from abroad, a difficult rental market, and a lack of available housing. The quick turnaround in property prices has been an unusual event and a testimonial to the robust demand from purchasers in the face of such a significant fall in borrowing capacity and degradation in affordability.
With the spring selling season flowering and activity on the upswing, the listings environment is now changing. The possibility of interest rates starting to decline in 2024 will also have an impact on home values. Many anticipate that interest rates will be reduced at some time in 2024, increasing borrowing capacity and lowering mortgage servicing costs, potentially leading a further spike in prices.
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