The property market remains strong despite predictions of a tough year, with prices staying high and houses quickly snapped up in capital cities.
PropTrack’s February report shows a rise in housing prices, but fewer new listings compared to last year.
Wages growth, higher migration and competition for more affordable states mean interest is expected to stay strong.
Examples of record prices include a $1.37m unit in Coogee and a vacant block in Mosman selling for $8m.
And demand is tipped to stay strong, with wages growth on a slow uptick and higher migration also propping up that demand.
The RBA’s April rates decision is likely to influence the market, and buyers and sellers have adopted a ‘wait and see’ attitude as they assess what impact the decision will have on their ability to purchase or sell property.
It will be interesting to see how the market moves in the coming months.
