Residential property market momentum has continued to surge through late March. With the month not quite over, prices across the five capital cities have already eclipsed last month’s 2.1% gain, rising 2.6% so far this month. We’re well on track for double-digit growth this year with some markets likely to achieve this much sooner than the end of the year. And auction clearance rates remain above long-term averages. Positive market momentum was not stifled at all by a lift in auction numbers to the busiest weekend for a number of years. Auction clearance rate remained high up to 89.1%, clearly remaining at if not even higher than the trend seen over recent weeks. A sense of FOMO — fear of missing out — continues to be a major factor in spurring housing markets across the country, as buyer demand well outweighed available housing supply. Property prices in our 5 Capital Cities have risen 0.6% this week but, as always, results vary around Australia. The number of properties for sale in Australia is beginning to dry up. At the time of increased demand, buyers are experiencing a lack of good properties available for sale which is driving FOMO (fear of missing out). It will be interesting to see how potential sellers respond to the higher prices and if this increases the number of new property listings. Maybe sellers are holding back wondering if they can get more for their properties later on down the track, while other sellers are probably keen to buy first in this fast-moving market and therefore holding back putting their properties up for sale. Either way…strong demand at a time of limited supply must lead to property price growth.
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