Buyers are competing for a historically low number of homes available for sale, leading to higher clearance rates and rising prices in the major cities.
Vendors are being urged to put properties on the market while competition among vendors is low, rather than await the so-called Spring selling season.
REA Group chief economist Nerida Conisbee says premium markets in Sydney and Melbourne are doing “astoundingly” well from the low volume of properties available for sale.
“If you’re in one of the premium suburbs, now is a great time to be in the market,” Conisbee says. “You have all these buyers who seem to be fighting it out and vendors do seem to be holding off for Spring auctions – and they may not do as well.”
Nationally, just under 30,000 homes went on the market in July, down 25% on a year ago. Sydney’s July listings were down 32.5% year-on-year. Levels have also fallen in Melbourne (down 29%), Brisbane (20%) and Adelaide (7%).
Clearance rates are at levels not seen since Spring 2016, Conisbee says.