Spring has arrived, and buyers have been quick off the mark to check out the new listings.
Nik Brozinic of Carter+Co, who lists this week’s Throsby feature property, says the early momentum has been expressed through increased appraisals, more stock and greater numbers at inspections.
“Warmer weather is definitely a factor; it gives a lift to garden presentation and gets people onto those to-do tasks around the home,” he says.
“There’s certainly an air of optimism, but that’s as much, in part, due to what might be perceived as more certainty, especially around the interest rate cycle.”
10 Mirri Close, Throsby. Photo: Supplied
Brozinic says there’s a belief among buyers that rate increases may well have peaked – or be close to it.
“That’s engendered a new level of confidence around borrowing, buying and budgets,” he says.
Brozinic says the buyer interest is focused on new and turnkey homes rather than those needing work or knockdown-rebuilds.
Tim Burke of Luton Properties Weston Creek and Molonglo Valley says he has also seen the same boosts to key indicators.
13 Bunny Street, Weston. Photo: Supplied
“We just had one of our biggest weekends ever for groups going through vendor homes,” he says.
“The sweet spot for peak interest is definitely in the family home segment in the $1 million to $1.5 million range.”
Burke says buyers are prepared to make an offer or bid strongly if a home meets expectations.
10/3 Cabarita Terrace, O’Malley. Photo: Supplied
Supply
The warmer months are bringing sellers back into the market as gardens bloom. It’s time to test buyer appetites. Turnkey and new homes are likely hot-button winners over those needing work.
Demand
Buyers are regaining confidence, believing interest rates have likely peaked. They are ready to re-enter the market with more certainty, and homes between $1 million and $1.5 million are in the sweet spot.
Forecast
If spring heralds the start of renewed market activity,