Property Market Update – The time to sell is now

The time to sell my be here according to Ray White Belconnen Managing Director Ben Faulks, despite listing volumes have spike dramatically in the first 2 months of 2013.

Typically an increase in supply of dwelling for sale would put downwards pressure on prices, and with approximately 1900 new dwellings hitting the Canberra property market in January and February 2013 (up from approximately 1050 during the same period in 2012) you could be forgiven for thinking that was the case.

However with a sharp rise in the absorption of these properties the news is positive for Canberra’s homeowners,with sales numbers also rising sharply in February.

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The following graph (taken from allhomes.com.au) identifies the sharp rise in sales that occurred in February 2013 in the Belconnen region, however similar graphs are common throughout the ACT:

According to Mr Faulks prices have remained strong over the same period, and with 50% of their Auctions in February attracting multiple bidders, the outlook is rosy for the first time in many months.

“Anecdotally the shift in sentiment has been clearly evident over the past two months, with a sharp increase in open for inspection numbers during January and February over 2012 numbers” said Faulks.

“We are encouraging homeowners who may be thinking of selling to move quickly and to capitalise on the rise in consumer sentiment coupled with the flow on effect in affordability from last years interest rate cuts that has buyers back in the market”

Thinking of selling? Click here to read the 10 Tips for Maximising your Sale Price