Since last month’s update, growth trends throughout the national housing market has been gathering pace. August has recorded the first month-on-month rise in dwelling values since the market peaked in October 2017 and the most significant lift since April 2017.
The increase in value coincides with the increased auction clearance rates and more buyers in the market, though the volume of stock advertised is still relatively low. Auction clearance rates have climbed with combined capitals posting a 70% clearance for the 5th consecutive week.
Housing market confidence has improved since late May in an environment that’s now much more stable, combined with lower interest rates, tax cuts, and increased borrowing capacity due to relaxed rules from APRA. Now is an excellent time for buyers looking to upsize.
Overall, the national market looks to be on the uprise. The number of sales has increased, and there is an evident upward trend though quantities are still below the decade average.