With a slump in the real estate market, this season of property selling is not expected to be as bustling as previous years. However, there are some trends that will take over the market that property investors and sellers must take note of. It is important to notice the new trends so that real estate stakeholders can take relevant decisions and make the trends favorable for business. These trends will affect how the properties are sold and where it is sold the most. The prices of the Australian housing provisions are dropping; on average, the property prices have dropped 1.4 percent over the last month.
The trends that have taken over the real estate market in Australia are as follows-
- New listings and auctions will rise-
There was a slump in prices of housing and property in August 2022. The Australian Real estate market is typically expected to clock in pricing growth in August 2022. However, that did not happen. The number of properties for sale has gone down across the country, and very few properties have been listed to be sold. However, moving on, there will be a rise in property listings and the auction number as the market picks up. In the next few months, the real estate and property market will register a slight growth in the number of listings and auctions.
- The number of new listings will change from region to region.
There are different regions in Australia where properties are in demand. The demand fluctuates from time to time over regions. The highest number of listings will be from cooler cities like Canberra, Adelaide etc. While the city of Sydney is the most expensive city to get a property in Australia, there are other regions that are coming to the fore where people prefer to own or rent a property.
- Flexibility in price
The trends of the present market indicate that property sellers must keep flexibility in their pricing range. Rigidity will only make it hard for the sellers to sell their property. As the competition in this market is expected to pick up, sellers should invest in marketing campaigns and promotional ads to attract the right buyers. Moreover, flexible pricing will help them sell fast and make more money in the long run.
Apart from these trends, there is a possibility that long-term property owners will be more likely to sell than short-term owners. Short-term owners are anticipating more loss if they sell their incumbent space so early. In the downswing period, the local long-term owners are more likely to sell. The price to income ratio for property selling in Australia is 119.711, as per 2021 data. This might push some sellers to put their property in property listings. However, the sellers have to keep flexibility and marketing in mind to make the most of a recovering, competitive market.
