Whilst our collective thoughts maybe turning to Spring and the hope of warmer weather ahead, the property market has yet to see any significant Spring shoots. There are tentative indications as the level of new listings starts to increase but at the same time strong sales fail to dent the inventory shortage.
The real challenge for those thinking of buying is without doubt the current shortage of properties. For the first time in the past year, sales have exceeded new listings, a situation that cannot be sustained for long! At the end of July there was just 33 properties for sale across Devonport, this is though likely to Improve in the coming months as the Spring market arrives. Traditionally the months of September, October and November are the busiest of the year.
For those thinking of selling, a lot more thought and analysis needs to be applied to the process. The property market has changed significantly over the past year as it has moved from a sellers’ market to more of a buyers’ market. It is now more important than ever to maximise marketing impact of the selling campaign order to attract and engage the right buyers. There are keen buyers out there who are looking for the right house, however they are cautious and selective.
Property sales in the 3 months to July totalled 54, down just 4% compared to a year ago. Within the mix of these transactions the sales of family homes continues strongly with 45 transactions representing a rise year-on-year of 11%. The median sales price overall for the 3 months to July was down 6% at $1,482,500.
This segment of the property market is experiencing the most activity, remaining in positive territory with year-on-year growth in sales volumes. In just the past 3 months 45 houses have been sold up 11% on the same time last year.
However with just 44 new listings coming onto the market and an inventory of just 23 houses available for sale at the end of the July there is little choice for buyers. The median sales price for all house sales over the past 3 months was exactly $1.7million down just 1% when compared to the same time a year ago.
As has been commented on in prior months, the market for investment and owner-occupied units continues subdued, with just 4 sales in the past 3 months down 61%. As sales remain at this subdued level (and with a limited supply of new listings) the median price remains fairly static. In the 3 months to July median price for those sales was $745,000 down 4% compared to prior year.