Buyers will finally have more choice when looking to buy as Australia moves firmly into the Spring Selling Season. REA Group, Senior Economist, Eleanor Creagh, says nationally house prices have grown for the eighth consecutive month on the back of a shortage of listings. But she says the listings environment is now shifting, with volumes up in August.
In Sydney listings are up 18.4% in August and 20.8% in Melbourne, compared with the same time last year. Creagh says other capital cities are also experiencing an increase in listings as a result of improved seller sentiment as interest rates remain on hold. “It’s become more and more likely that the peak in interest rates is here, and August was the third consecutive month the Reserve Bank has left interest rates on hold – welcome news for buyers and sellers alike,” Creagh says. She says auction volumes are also 15% higher in August than at the same time last year.