Ready to bid farewell to your beloved abode? The universe might be giving you a thumbs up! As we step into a fresh year, post a wild rollercoaster ride, interest rate tremors have subsided, property value dips have stabilized, and the real estate listing pool is shrinking. These three cosmic signs suggest that you're destined to list and sell your property now. Let's dive deeper, shall we?
Interest rate jitters? Not anymore! 🙅
After a whopping nine consecutive rate hikes, the Reserve Bank of Australia decided to shake things up with a tenth hike in March. A year into this thrilling ride, we're all seasoned pros, and the shock's worn off like last season's fashion. With the official cash rate standing at 3.60% as of March 2023, we've adjusted our expectations and recalibrated our wallets. Buyers are rolling up their sleeves, ready to make their move and snatch their dream homes.
Listings scarce as hen's teeth 🐔
Imagine a tumbleweed rolling through a deserted town. That's how scarce new listings have become! Core Logic data reveals that new listings are well below average for this time of the year. Demand, however, is still kicking. This tight supply and moderate demand combo is a blessing for sellers. With fewer fish in the sea, it's time to lure buyers with your irresistible property bait.
Property price drops? Steady as she goes! 🚢
The property price downturn has steadied across all regions and capital cities. January's national home values declined by -1.0%, less than December's -1.1% and far below the peak monthly decline (-1.6%) recorded in August. We've weathered the storm, folks! If you're thinking of selling, now's the time to ride this wave and cash in on those pre-pandemic property value levels.