Bloom After Easter: Property Market Set for Significant Growth
Easter is traditionally associated with a slowdown in the property market, agents in Canberra are anticipating an unexpected upswing that could make April one of the most busiest months of the year.
Jonny Warren of Jonny Warren Properties shares insights into the market anticipated for the month.
“The market is set to be busier next month than it was at the same time last year.” says Jonny.
“We’re seeing strong enquiry from potential buyers and a lot of activity at the lower end, particularly for properties under $1 million,” he said.
“In the last week alone, we have sold 11 properties between the prices of $600,000 and $950,000.
“Factors such as reduced borrowing capacity are driving the increase in demand for properties in this price range.”
Meanwhile, MARQ Property’s Sam Taylor has noted an increase of investor interest in the market after a period marred by rate hikes and uncertainty.
“There are definitely more investors back in the market compared to the same period last year,” as said by Sam.
Despite a general lull in consumer sentiment as indicated by a dip in the Westpac Melbourne Institute Consumer Sentiment Index, the perception of the housing market’s attractiveness has slightly improved.
This comes even as many continue to grapple with the challenges of affordability. The index fell by 1.8% in March to 84.4 from February’s 86, yet assessments on the timeliness of buying a house edged higher.
The index’s recent dip serves as a somber reminder of the persistent cost-of-living pressures, despite previous months’ slight improvements offering a glimmer of hope.
Recent figures from the Australian Bureau of Statistics (ABS) show a gradual relaxation in inflation rates. The monthly Consumer Price Index (CPI) rose by 3.4% in the year to February, with the rate of annual inflation holding steady at 3.4% for the third month in a row. “Housing costs, having increased by 4.6%, were the primary drivers of the February annual rise,” stated Michelle Marquardt, head of prices statistics at the ABS.
In the face of these economic indicators, the post-Easter period is poised to be an especially active time for the Canberra property market.