Residential
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Price movements
Property market ongoing stability despite growth deceleration
Looking at the longer-term trends, the housing market has shown substantial growth over the past 12 months. House prices have surged by 8.3 per cent and the unit market, while growing at a slightly slower pace, has still seen a robust 6.4 per cent annual increase.
Listings activity
Growing optimism for potential interest rate reductions
The growing optimism surrounding potential interest rate reductions later in 2024 is expected to catalyse a more active spring selling season. This change in outlook is likely to encourage both buyers and sellers who have been hesitant to engage in the market.
Auction insights
Positive property forecast likely to energise auction sector
Australian property auctions have maintained a consistent performance over the past quarter, with a clearance rate of 66.4 per cent. The outlook for the property market appears promising. The upcoming spring selling season, combined with growing optimism about potential multiple interest rate reductions in the next 12 months, is expected to bolster market sentiment.
