Time on market extends as auction clearances fall.
Time on the market extends as auction clearances fall.
This year so far we have been hit with 4 successive interest rate rises with the current cash rate at 1.5%. It is widely expected that interest rates will continue to rise towards the end of this year with the RBA cash rate expected to be 3.% by this time next year.
The days on market for sellers have increased to 60 days + and it is important for sellers to be well advised by their selling agents on a pricing strategy if they want to achieve the best outcome.
Buyers are by-passing properties that are overpriced and are taking longer before making a buying decision.
Overall stock levels are increasing and traditionally on the Gold Coast with Spring approaching stock levels are forecast to increase further.
Living costs are soaring and borrowing capacity is reducing making it harder for buyers to secure a home loan. This inevitably will affect home prices with the expectation of a further softening of house prices next year.