While that’s typical of the silly season, the question at the start of each new year is when will sellers and buyers return?
PropTrack economist Angus Moore told realestate.com.au that we shouldn’t be waiting too long to see sellers readying their homes for the market.
“Market activity is now likely to pick up sharply in January, as it normally does each New Year,” Mr Moore said.
That means more new stock on the market, and buyers will be watching. But the pace is not looking like the frenzy we saw at the start of last year.
“While selling conditions have clearly softened from where they were in early 2022, and market activity has slowed, the fundamental long-term drivers of demand for housing remain solid,” he said.
He went on to explain that unemployment remains low, wages growth is starting to pick up and Australia’s borders are open and we’re seeing international migration return. All of that adds up to continued housing demand.
Higher interest rates are limiting borrowing power so that will keep price growth soft and even see price drops continue before they plateau.
That’s likely to make for a housing market where good value sellers will still enjoy considerable interest, and buyers won’t have to scramble over each other to get a good deal.
If you’re planning your next move in 2023, contact us for a chat.
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