Property Market Update May 2023
Here we are well into another winter of real estate, and once again the market remains ‘low and slow’. However, we feel confident that the market is close to having bottomed out.
There are several reasons for this:
- Mortgage rates are reasonably stable now and likely to remain so
- Low numbers of listings (properties coming to the market) and likely to go even lower
- Less new homes/townhouses/apartments are being built
- The rental market getting tighter and rental prices going up
- According to the latest stats, high net migration
- And most importantly, a build-up of buyers from the past 18-24 months who are just now considering that prices may have reached their low point.
I was just reading Tony Alexander’s May report and he is saying something very similar: Prices are close to bottoming out, but who knows when that will actually happen, and who knows how quickly prices will rise once that turn takes place. As Seneca said in 60AD: Only time will tell.
Lisa and Steve Stone
Elite Agents for Ray White