There is no question of uncertainty in the real estate market with rising interest rates.
Y Of domain The latest Buyer Demand Indicators Report reveals exactly what buyers and sellers can expect this spring as we say goodbye to winter.
Spring is usually when there is a spike in new listings and buyer activity, but it seems to be a less competitive season this year.
Overall, buyer demand in the combined capital cities peaked in 2021, but one city came out on top as winter 2022 drew to a close: Adelaide.
READ MORE: The Australian regions where house prices have risen and fallen the most
The data shows buyer demand in the capital cities combined is down 11.6% for homes and 10.7% for units compared to the three-year winter average.
However, houses and units in Adelaide finished the winter of 2022 above the three-year winter average, along with units in Perth and Darwin.
Sydney reached a peak in buyer demand earlier than the other capital cities in March 2021.
It has been an interesting time for the real estate market in recent years with COVID-19 and lockdowns.
READ MORE: Sorry homeowners, but this is when you should have sold your house.
The data shows that buyer demand peaked in March 2021 after the 2020 closures with reduced restrictions, and then again after the second closure in the winter of 2021.
However, it’s not all doom and gloom as spring gives buyers more time to make the best decisions.
Domain’s head of research and economics said: “Buyers will have more time to make the right property decision as homes spend more time on the market and overall choice has increased.
“For sellers, market conditions have become more challenging, but home prices to meet buyers’ expectations are still achieving rapid sales.”
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