Buyer intent shows signs of housing market shift

Buyers have hit the 2022 property market with a running start according to new data from REA Group, realestate.com.au. In January, purchaser activity reached a high and more house hunters searched in the $1 million plus price bracket than ever before. 

But despite the year beginning with a bang, this year’s housing market isn’t expected to match the unparalleled year that was 2021.

Although interest has soared, an increase in new listings by the close of 2021 has meant today’s buyers have more choice — a reality that will take some of the heat out of the market, said senior economist and the report’s author Eleanor Creagh.

“Australia’s housing market is springing back to life after the holiday break, which typically brings a seasonal slowdown. The Omicron variant remains a distraction, but so far the housing market is off to a strong start – though not yet a match for 2021’s historic year,” Ms Creagh said.

Analysis showed views-per-listing surged 48.2 per cent month-on-month to reach a new high.

The largest annual leaps for the capitals were seen in Brisbane, where views skyrocketed by 81.5 per cent for the month.

Ms Creagh said the strength in new listings and auction volumes from late 2021 were carrying on into early 2022 as sellers finally decide to list post lockdowns or found themselves motivated to list due to recent price growth and elevated demand.

“We expect new listings are likely to remain elevated as would-be sellers respond to strong price growth and a hopefully lockdown-free year results in vendors feeling more comfortable listing their properties. With more supply and fewer competing bidders, properties are also likely to be on the market longer.”

Extract from – news.com.au  News Corp Australia Network. 

REA Group. realestate.com.au