Sirah Robb
June Market Wrap Up With Sirah Robb
In wrapping up the financial year, we’ve certainly seen a few twists and turns in the Australian property market. Eliza Owen, head of Residential Research at CoreLogic RPData, shared that Australian home values have faced a decline of 5.3% over the past year. However, with national home values rising 2.8% in the June quarter – the highest quarterly movement since January 2022, we’re witnessing an encouraging shift.
A slight dip in the market hasn’t dampened enthusiasm; CoreLogic recorded 35,523 national sales in June. While this is down from the five-year June average of 39,180, it’s a promising sign of stabilisation after the high volumes we saw in 2021.
In our own backyard, Hinternoosa has experienced similar trends with 40% fewer properties hitting the market in 2022/23 compared to 2021/22. Yet, our recent appraisals hint at a surge of new listings come Spring, potentially creating a more competitive market. Our advice to potential sellers? Strike while the iron’s hot and launch your campaign as soon as possible to seize current market opportunities.
Year on year, Hinternoosa’s average days on market increased by 40% to 81 days, still maintaining a strong position below our region’s average. Our average sale price dipped by 3.2%, yet still outperformed the national trend. Recent high points have included exceptional sales outcomes by our team, like the pre-market sale at 104 Maple St, Cooroy, and the swift sale of 7 Oak St, Cooroy. We’ve also seen renewed interest in slightly longer listed properties, including the sale of 5 Martha Lane, Verrierdale and 10 Kamala Dr, Lake Macdonald.
Despite market fluctuations, our Hinternoosa clients benefit from our wealth of experience, solid advice, proactive strategies and extensive network of buyers. If you’re considering navigating the current market, we’re here to guide you every step of the way. For an instant estimate of your property’s market value, visit www.hinternoosa.com.au and enter your address today.