It's been reported that less homes up for sale across Australia has led to property price drops declining and in Australia's most expensive city, Sydney, a price rise in February.
Narionally home prices dropped by their smallest monthly amount in February, since May last year. (Perth is still doing well guys they never gives us too much of a mention)
There was a rise in prices in Sydney of 0.3%, as a scarcity of properties up for sale put a floor under prices (again no mention of Perth of course who have less properties on the market)
The stabilisation in housing values over the month coincides with consistently low advertised supply levels and a rise in auction clearance rates.
The past four weeks have seen the flow of new capital city listings tracking 17.0 per cent lower than a year ago and 11.9 per cent below the previous five-year average.
This trend towards a below average flow of new listings has been evident since September last year, coinciding with a loss of momentum in the rate of value decline.
Meanwhile Melbourne's property prices are now near what they were at the beginning of the pandemic in March 2020 according to the CoreLogic Home Value Index for February.
After dropping just 0.4 per cent in February, they sit just 0.03 per cent higher than pre-pandemic levels.
Across regional Australia dwelling values were down 0.3 per cent in February with a median price of $575,916.
That was higher compared with a 0.1 per cent fall across the combined capital cities.
Home prices in regional Australia are up by more than a third since the onset of COVID in March 2020, while across capital cities they sit at just 10 per cent more than before the pandemic.
In regional NSW Newcastle and the Hunter saw price rises in February with Hunter Valley house prices rising by 0.2 per cent , while houses in Newcastle and Lake Macquarie rose by 0.1 per cent with the median price now sitting at $818,000.
In Canberra house prices were down 0.5 per cent in February with the median house price now $946,000.
Houses in Launceston dropped by 1.1 per cent, and now sit at $545,211 with prices in the Tasmanian capital of Hobart dropping by 1.6 per cent.
Victorian regional cities meanwhile saw units performing strongly with unit prices in Bendigo rising by 2.8 per cent to now come in at a median apartment price of $420,433.
In Ballarat unit prices jumped by 0.7 per cent in February with the median unit price now $388,133 in that city.
House price in both cities however dropped slightly, declining by 0.4 per cent in Ballarat for a median house price of $598,897 in February and a drop of 0.7 per cent in Bendigo where the median house price now sits at $603,849.
It's bizare how Perth has kept on growing and many buyers are now expecting to get some distressed sales as the new rates kick in for a lot of people. Yes there will be a few investors no doubt cash in as they have waited a long time for the prices to rise.
The main thing is if you need to buy just buy, lock your rate in for a year or go half and half variable and fixed. No one has the crystal ball it's all a game of chance its just that you have to be good and try and navigate the market.
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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