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The property market is expected to enjoy a lift over the coming months.
Speaking to The Adviser, RP Data’s research director Tim Lawless said he wouldn’t be surprised to see a “bounce” in the growth rate over the coming few months.
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“August is seasonally slow, while September, October and November are seasonally strong. In spring, a lot more properties hit the market,” he said.
“We have already seen a lot more buyers entering the market, and I think we will see that momentum continue.”
Mr Lawless’ comments were reinforced by recent data from LJ Hooker which shows there has been a spike in appraisals leading into the warmer months.
LJ Hooker’s 550 Australian offices recorded a 47.8 per cent spike in appraisals during August compared with the same time last year.
LJ Hooker’s head of residential sales, Christopher Mourd, said the surge in vendor preparations is likely a precursor to one of the most active starts to spring in recent years.
The ACT had the greatest increase, with an 82.9 per cent surge in appraisals, followed closely by Queensland at 67 per cent then Tasmania at 66.9 per cent.
“Any uncertainty which clouded the market before the federal election date was called has definitely lifted, with vendors now wanting to know what their property could fetch on an improved market,’’ Mr Mourd said.
“Vendors have also watched closely auction clearance rates and the number of prospective buyers vying for a property increase. This is on the back of a bottomed property market and a succession of cash rate cuts from the RBA this year. They are now clearly ready to capitalise on the situation.”
