What’s the property market doing as we enter 2022?
Akin to a national sport, real estate commentary remains one of Australia’s favourite national pastimes, with one of the most common topics of discussion being market conditions.
So, what’s the property market doing as we enter 2022?
Whether you’re buying, selling, or just up for a lively dinner table conversation about the property market here’s a snapshot of what the market’s up to right now.
Little Christmas slowdown
Christmas 2021 proved unlike any year we’ve seen before, with little slowdown when it came to interest in property.
Buyers continued to inspect the property stock available and properties transacted right throughout the break.
Prior to Christmas, many sellers also indicated their interest in coming to market in the New Year with appraisal numbers high.
That’s resulted in new stock becoming available and buyer interest remaining high at a time of year that is normally pretty quiet.
Auctions are back
The auction market is a litmus test of what’s happening throughout the property market, and right across the country auctioneers are indicating this will be the busiest January they have ever seen.
Many are commenting they’ve never seen the auction market fire up this early in the year.
Prices still rising
The latest data from CoreLogic also indicates prices are rising across the major capitals, led by Brisbane where home values have risen 2.3 per cent in the past month, followed by Adelaide at 2.2 per cent.
In the other capitals the monthly increases in home values are more moderate, with prices in Sydney and Perth up 0.5 per cent, and Perth up 0.1 per cent.
It comes after a stellar 12 months of price growth where Brisbane again led the charge with 12-month home value increases of 28 per cent.
Sydney was the next best performer with 25.8 per cent home value growth, followed by Adelaide at 23.7 per cent, Melbourne at 15.3 per cent, and Perth at 12.5 per cent.
Days on market are down
Days on market is the time a property spends on the market before it sells, and across the board this figure remains low.
CoreLogic data indicates Hobart has the least average days on market for houses (23 days), followed by Adelaide (28 days), Canberra (29), Brisbane (30), Melbourne (31), Sydney (32), Perth (33), and Darwin (41).
Listing volumes
When it comes to the number of listings currently on the market, the figures begin to get really interesting.
While listings are down 10.8 per cent across the combined capitals compared to 12 months ago, there is a rise in new listings coming to market nationally to the tune of 6.5 per cent.
The major areas where CoreLogic is reporting an increase in new listings include Brisbane, where new listings have increased 43.8 per cent over the past 12 months; Canberra where new listings increased 14.6 per cent; Perth (14 per cent); Darwin (13.4 per cent); and Sydney (9.7 per cent).
What does this all mean?
The anecdotal evidence combined with data indicates the property market has resumed right where it left off in 2021, but much earlier than expected.
Sellers in many capitals appear to be keen to capitalise on high prices, while buyer interest in property remains strong.
The upshot is, this year may not see the incredible price hikes that we witnessed across the board in 2021, but property remains in demand.
For buyers there’s also likely to be more choice, with new listings coming to market.
Looking to buy or sell?
If you’re considering buying a property or perhaps selling your existing home in 2022, why not chat with one of our friendly Eview agents on 1300 438 439?
You can also view our list of currently available properties here.
