Median Selling Price
The Median Selling Price has shown a slow decline over the last year but there are signs that things are stabilizing to a plateau.
Number of Sales
General market activity is still well down on historical averages. This lethargy appears to0 be on both sides of the market with less buyer activity and less homeowners listings their homes for sale and simply sitting back to wait the market out.
Average Time to Sell
Interestingly, the time it takes to sell the average house has dropped this year as stock levels of homes on the market have slowly been eroded. Currently we are sitting at a healthy 31 days but this will lengthen as the traditional holiday slowdown makes itself felt in the December/January figures.
Summary
Overall it seems that the market is in a “Slow and Steady phase”. There is little or no speculative or investor activity on the buyer side currently. Active buyers are taking their time to make considered decisions. This is not a time for Tender Marketing on anything but the most unique or premium properties. In the current market conditions, Buyers are voicing their opinions loudly against any real estate marketing that doesn’t include a definite price indication, number of bedrooms, accurate descriptions, good photos, and an address.
Further changes to the tax regime will be felt in the next few months as we near the end of the financial year. I would expect to see a quiet but steady sell off of many negatively geared rental properties as the decrease in some currently claimable expenses makes owning these properties less attractive. It is my view that rents will begin to rise again as the market balances out into the last part of this coming year with less privately owned rentals available for rent.
