Market Wrap - April 2015
30 April 2015 Symon Badenoch
Whilst Winter does not officially begin until June, the cold nights have started in Canberra already. Once the weather begins to cool down in Canberra so does the supply of properties for sale, especially houses. Canberra sellers often mistake Spring as the best time to sell so most decide to hold off during the Winter months. Each year this creates a shortage of supply and we are seeing this trend continue during 2015.
Sellers have to understand that the demand from buyers does not change- with buyers continuing to look for a new home through all seasons. They base their purchase on affordability, personal circumstances and lifestyle rather than the Seasons.
Therefore, house sellers who take a risk in the colder months tend to find they get a better price as they have less competition in the market place.
At present we are getting large numbers through our open homes due to the fact there is minimal stock on the market. So if you are thinking selling your property, feel free to touch base with our team and we can discuss the best strategy for your property.
The rental market in the ACT continues to stabilise with rents beginning to plateau after falling dramatically last year. This is due to the supply of properties remaining consistent since Christmas. At present there are approximately 2040 properties available for rent in the ACT which is down from the 3000 properties we had last year. We are expecting this to continue for the remainder of 2015.
If you wish to discuss the rental or sales market in more detail feel free to contact our team as we are more than happy to assist,