{"id":42626,"date":"2023-03-21T10:32:50","date_gmt":"2023-03-20T21:32:50","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42626"},"modified":"2023-03-21T10:32:50","modified_gmt":"2023-03-20T21:32:50","slug":"signs-house-prices-wont-crash","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/signs-house-prices-wont-crash\/","title":{"rendered":"Signs house prices won\u2019t crash"},"content":{"rendered":"

PHOTO: Many have been expecting an Australian property crash. FILE<\/strong><\/p>\n

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There\u2019s still some signs the property market remains healthy despite some grim outlooks from market analysts.<\/p>\n

\"REA<\/a><\/div>\n
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REA Group to hike property listing prices for agents<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n

PropTrack\u2019s report on the national housing market in February shows a rise in housing prices in most capital cities but notes new listings are way down on the same time in 2022.<\/p>\n

\u201cNew listings in capital cities picked up in February ahead of the autumn selling season, rising 26.6 per cent month-on-month,\u201d writes PropTrack economist Angus Moore.<\/p>\n

\u201cEven so, new listings were down compared to a year ago, with 13.2 per cent fewer new listings compared to the busy start to 2022.\u201d<\/p>\n

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Buyers and sellers alike have adopted a \u2018wait and see\u2019 attitude when it comes to an uncertain housing market. Picture: NCA NewsWire \/ Aaron Francis<\/strong><\/em><\/div>\n

However, the total number of listings was up 9.6 per cent year-on-year, meaning more choice for buyers.<\/p>\n

And demand is tipped to stay strong, with wages growth on a slow uptick and higher migration also propping up that demand.<\/p>\n

But with interest rates tipped to rise further at April\u2019s Reserve Bank meeting, buyers and sellers alike have adopted a \u201cwait and see\u201d attitude.<\/p>\n

That\u2019s the belief of Sydney<\/a> real estate agent Kiki Bermudez, associate director with Raine and Horne Unlimited.<\/p>\n

\"Andrew<\/a><\/div>\n
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Andrew and Nicola Forrest buy Sydney\u2019s Waldorf Astoria for $575m<\/a><\/h2>\n<\/header>\n<\/div>\n

\u201cCompared to last year, it\u2019s a totally different market,\u201d Ms Bermudez told NCA NewsWire.<\/p>\n

\u201cPeople were quite spoiled for some time with low interest rates, and people certainly aren\u2019t holding back. For example, I had seven registered bidders in an auction last week.<\/p>\n

\u201cBut the question is how long will the market stay this way? People, especially those looking to sell, have this \u2018wait and see\u2019 attitude, but I\u2019d be selling at the moment.\u201d<\/p>\n

That market uncertainty is being driven by interest rate decisions, with key economic figures like CPI and retail spending to be released late in March sure to influence the RBA\u2019s April rates decision.<\/p>\n

Despite the poor forecast, properties continue to go for record prices.<\/p>\n

For example, a Sydney unit was recently sold for $1.37m in Coogee, with the same two-bed one-bath unit selling for $834k in December 2015.<\/p>\n

The unit underwent significant renovations since then, with the new sale price setting a record for the Abbott St unit block.<\/p>\n

It follows a vacant block in the Sydney waterfront suburb of Mosman selling for $8m earlier in March.<\/p>\n

It was the first time the 683sq m block had changed hands in 70 years.<\/p>\n

And PropTrack analysis shows property is also moving fast in states like Queensland, Tasmania, Western Australia, and Adelaide, which all had suburbs in the top 10 for shortest median times houses were on the market in the year to February.<\/p>\n

\"Australian<\/a><\/div>\n
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\u2018Sydney\u2019s smallest house\u2019 sells for record-breaking price<\/a><\/h2>\n<\/header>\n<\/div>\n

The Brisbane<\/a> suburb of Meadowbrook led the charge with houses on the market for just 10 days before they were snapped up.<\/p>\n

\u201cInterest rate increases have reduced the amount potential buyers are able to borrow,\u201d said Economic Analyst at REA Group Megan Lieu.<\/p>\n

\u201cWhile this has decreased demand from its record highs over the past two years, it still remains relatively strong.<\/p>\n

\u201cWe expect competition to persist, especially in more affordable states such as Queensland, Adelaide and Western Australia.<\/p>\n<\/div>\n

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