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The property market is gearing up for a bumper season thanks to an influx of stock and the warmer spring weather encouraging buyers to investigate properties and attend open homes and auctions on the weekend.
The level of real estate agent activity has risen by 17 percent since the start of June and is 31 percent higher than the same time last year, figures from RP Data revealed.
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RP Data’s director of property research Tim Lawless told Mortgage Business that rental rates have recorded declines in every capital city, except Darwin, over the last three months.
“The recent fall in rental rates can be attributed to an ebb in demand as more renters look to buy, take advantage of low interest rates and the boost to the First Home Owners Grant,” Mr Lawless said.
“With vacancy rates across the nation’s capital cities generally below 2.5 per cent, it is highly likely the recent fall in weekly rents will be short lived. Such low vacancies will continue to place upwards pressure on rents over the longer term.
“The number of new properties being added to the market place is up 11 per cent since mid-June as the spring selling season starts to ramp up. Over the last month there have been just short of 160,000 individual properties advertised for sale equating to $126 billion of housing stock on the market.
“The number of properties being advertised for sale is actually lower than the same time last year reflecting the buildup of stock last year and the subsequent absorbing of stock throughout the second and third quarters of 2009,” he said.
