The new year has brought with it a new record in the sales price of classic Devonport houses for the 3 months ending January. Compared to this time last year, the median price of house sales is up 28%, breaking through the $2m barrier for the first time. As we know from past experience, the median price may well dip down below this level in coming months, but the underlying trend remains strong. Interestingly, it was back in back in early 2011 that the median price of house sales broke the $1m level for the first time.
Set against this rise in median price, is the continued quiet level of overall sales, with just 43 properties sold across all property types in the past 3 months, such rising prices and weak sales ably demonstrates the continued strength of buyer demand.
As is expected in January, a fresh new batch of listing hit the market, however with a total of just 57 listings coming to the market across the 3 months, it failed to make a significant impact on inventory which at the end of January standing at 38 was only slightly improved from the 32 at the end of December.
Property sales volumes coupled with low numbers of listings continue to be the key driver of the market at this time, comparing the start of this year with the far more active period of 3 years ago certainly demonstrates this. Back then in 2015, 3 months sales at the start of that year topped 69. Indications for the balance of this year are that we are likely to see a steady market, as access to finance improves and interest rates look to remain stable.
Whilst Devonport houses show continued median price strength, the slower activity in the market for Units is having a dampening effect on median sale prices, which for the past 3 months shows a 11% fall as compared to this time last year, with total moving annual sales at 27 which is 16% down compared to this time last year.