Perth and regional WA lead Australia's property market
Property prices in Sydney and Melbourne dipped by 0.1% in August, while Perth’s market continues to lead despite declining iron ore and lithium prices, according to the latest report from Ray White.
Perth and regional Western Australia remain the country’s strongest property markets, showing resilience in the face of falling commodity prices. Queensland and South Australia, along with their capital cities, also demonstrated solid growth, contributing to a generally positive national market outlook.
The outlook for prices will start to become more interesting as we head into spring,” said Nerida Conisbee (pictured above), chief economist at Ray White. “There are a lot of properties coming to market, the highest level recorded within Ray White for this time of year, based on listing authorities (the point at which a seller signs with a Ray White agent but before the property is advertised).”
“While a lot of stock coming to market might suggest price growth softening, we have also seen a pick-up in first home buyer, owner occupier and investor lending, as measured by the Australian Bureau of Statistics.”
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Mortgage broker network Loan Market recorded a significant rise in pre-approvals for new loans this month. Additionally, bidding activity at Ray White auctions remains strong.
“While interest rates remain high, it may be the growing potential for a cut is driving activity among buyers as we head into spring,” Conisbee said.
“As we head into spring, we are seeing the highest level of new listings for this time of year, suggesting price growth could soften. Yet, with a 23% spike in loan pre-approvals in August and solid bidding activity, the potential for an interest rate cut might just fuel a hot market this season.”
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