The recent REA group PropTrack Housing Market Indicators Report analyzed real estate market consumer behavior data for early 2022.
Using view-based demand per listing on realestate.com.au as a metric, the report found buyer demand rose 48.2% month-on-month to hit a new high in January. , which recorded an increase of 41.9% over the same period. year.
With the exception of Victoria, demand for registrations has reached an all-time high in all states. Brisbane (81.5%), Adelaide (70.1%), regional South Australia (92.4%) and New South Wales (68.0%) saw the largest increases of a year to year.
Similar data was seen in regions, which saw more than a 35% year-over-year increase in views per ad, with the exception of the Northern Territory.
Eleanor Creagh, PropTrack’s senior economist and author of the report, said the Omicron variant may have slowed market activity slightly, but “the housing market is off to a good start” so far.
“The Australian property market comes back to life after the holidays, which usually results in a seasonal slowdown,” she said.
Evidence of this seasonal pause in activity can be seen in the fact that properties took longer to sell locally (54 days) compared to 32 days in December.
However, the report notes that there was an increase in searches for homes priced over $1 million in capital cities in January (45.2% of searches) compared to the same period last year. (36.8%).
As house prices skyrocketed in 2021, Ms Creagh believed that would not happen again in 2022.
“The perfect house price storm experienced in 2021 will not be repeated in 2022. As the tailwind of low interest rates diminishes, alongside more choice and less competition, price growth will moderate,” she said.
Ms Creagh further explained that although property hunters are on the rise, according to indicators of buyer demand, a more sustainable balance between buyers and sellers can be expected this year.
“Demand is expected to continue to decline from peak levels as new listings are expected to remain elevated as potential sellers react to strong price growth seen over the past year,” she concluded.
Real estate is a type of real property that refers to any land and its permanent improvement or accompanying structures, whether natural or man-made.