Dear Fellow Property Investor,
Did you know that SQM Research managing director Louis Christopher said the rapidly improving auction markets and increasing asking prices by vendors, were also clear signs the Sydney and Melbourne housing markets have bottomed out.
Asking prices for Sydney homes had climbed by 2.7 per over the past four weeks ended April 11. They increased by 0.9 per cent in Melbourne and lifted by 0.7 per cent nationwide according to SQM Research.
Clearance rates also stayed firm, with the combined capital cities’ clearance rate averaging 65.4 per cent in the four weeks ending 2 April 2023, which is stronger than the final weeks of 2022.
“I believe the worst is over for the Sydney and Melbourne markets,” Mr Christopher said. “We’re confident that the housing market would recover from here provided the cash rate peaks below 4 per cent, which looks like it would.
“We’ve still got inflation out there and housing historically has been a good hedge against inflation.
“We’ve also got record population growth, so we’re seeing a surge in underlying demand for accommodation, and it’s showing up clearly in the rental market. But that also feeds through into the sales market as well because many new arrivals don’t want to rent. That’s why we’re increasingly confident of housing market recovery in 2023.”
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