An unseasonable burst of activity during October has set this month up to be a busy one!
Despite low consumer confidence and a high unemployment rate, the property market has been full of activity with both buyers and sellers busier than usual.
But is it still a renter’s market?
Confidence is down & unemployment is up
Australians are a pessimistic bunch, according to the Westpac-Melbourne Institute Index of Consumer Sentiment. Consumer Sentiment has now been negative for eight months in a row, however the Westpac-Melbourne Institute says there are no signs of ongoing deterioration.
To add to our glum outlook, the ACT’s unemployment rate currently sits at 5.4% which is the highest unemployment rate recorded in the capital since July 2001.
Buyers & sellers not put off
It’s not all doom and gloom! The ACT and Queanbeyan housing market has experienced significant median property price growth since this time last year, increasing +2.9% to sit at $509,000.
An increase in new properties hitting the market throughout October could potentially make November a ‘boom’ month for property sales.
A whopping 1,172 properties were listed for sale this month; that’s an increase of +63.5% (455 properties) since last month, and an increase of +13.8% (142 properties) since this time last year.
Over the last two months, growth has also been recorded in the total number of sales. Spring is not yet over, but already the volume of sales is up +13.8% (140 sales) since the same time last spring.
A total of $329.508 million worth of property sold last month alone, consisting of 415 houses and 167 townhouses.
Over October, median prices fell a modest 0.8% to sit at $550,000 for houses and $409,000 for townhouses, units or apartments.
The most popular suburb for house purchases was Bonner, with second place a tie between Jerrabomberra, Kambah and Ngunnawal. The most popular suburb for purchases of townhouses, units and apartments was Braddon, closely followed by Kingston.
It’s a renter’s market
Median weekly rents made a marginal $5 increase during October to sit at $395 per week. Marginal recovery was also seen in the average days a property spent on the market, going from an average of 45.5 down to 44.3 days on the market.
Median weekly rents remain low, having dropped $25 per week since this time last year.