The landscape of Australia’s property market in May 2023, as evidenced by the Property Seeker Survey, was a study in contrasts. While 1 million individuals aimed to sell their properties, a staggering 4 million were eagerly scouting for their next home.
This pronounced imbalance between supply and demand led to property values increasing, even against the backdrop of interest rate hikes earlier in the year. Such a scenario reflects the nuanced nature of the real estate market, where external economic indicators often intersect with market dynamics.
As the nation reeled from a tepid year of sales in 2022, the promise of 2023 has emerged more resilient than anticipated. Melbourne, in particular, saw a significant boost of 9.52% in sale listings compared to June 2022, while regional Victoria followed closely with a 7.69% rise. (Source: PropTrack, realestate.com.au, July 2023)
