While residential property listings currently sit lower than compared to the same time last year, the head of major real estate chain believes there will be a jump in the number of homes up for sale in the coming months.
Raine & Horne chief executive Angus Raine believes current house prices may have actually deterred people from putting their homes up for sale, but there are signs that a tipping point may be approaching.
“We’ve also seen a modest decline in listings, of minus 1%, compared to last August, which indicates that we still have some way to go before more Australians believe we have hit the selling sweet spot and they actually put their properties up for sale,” Raine said.
“This indecision is understandable, as many home owners are telling our offices that they’re worried that if they sell, they may not be able to buy back a suitable next property due to price hikes or a shortage of stock.”
Despite the drop in listings, Raine believes owners are preparing themselves to take advantage of the current strong demand from buyers.
“Our figures indicate a 63% increase in appraisals nationally compared to this time last year, and it indicates that more Australians are considering the sale of a property,” says
“It’s the calm before the storm, and while extra properties for sale will test the strength of markets across Australia, buyer demand, particularly in Sydney, is very deep, and should underpin long-term prices.”