The spring selling season is off to a slow start but market conditions appear to bode well for first time buyers and investors.
According to RP Data, property buyers are likely to remain on the sidelines of the market until the outcome of last weekend’s federal election is revealed.
“We do expect to see improvement in the coming weeks as the spring selling season grows nearer and more certainty returns to the political environment,” the data provider commented yesterday.
Property listing numbers were mounting, pointing to difficult selling conditions, RP Data said, but this should mean increased buying power for buyers.
Total advertised property listings increased by 1.0 per cent over the last week with total listings now 5.3 per cent above the 12 month average level.
Furthermore, prices are expected to remain stable throughout the months ahead.
“The results [of the RP Data/Rismark Home Value Index] for June showed the market was relatively flat (-0.2 per cent) and over the month of June home values fell by -0.8 per cent,” the analyst said.
“For the remainder of the year we are expecting fairly flat levels of growth.”