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The Australian Property Market in June 2023 A Casual Overview

Jun 30, 2023

Hello, property enthusiasts! Today, we’re going to take a deep dive into the state of the Australian property market as of June 2023. We’ve got some interesting insights from various sources, so buckle up for an overview of what’s been happening in the Australian property world.

The Big Picture

First off, let’s talk numbers. According to the Australian Bureau of Statistics, the total value of Australia’s 10.7 million residential dwellings rose by $487.2 billion to reach a staggering $8,924.6 billion in the first quarter of 2023. That’s a lot of zeroes, right? But what does this mean for the average Joe? Well, the average price of residential dwellings in Australia is now $834,000, up from $821,700 in the previous quarter. So, if you’re a homeowner, your property might be worth more than you think!

The Ups and Downs

Now, let’s talk about the ups and downs. As reported by The Guardian, the property market in regional Australia has seen a bit of a dip, with prestige areas giving up some of their pandemic gains. This is a stark contrast to the boom we saw during the pandemic when many people were seeking larger living spaces and greener pastures. On the other hand, the property market in major cities like Sydney and Melbourne has remained relatively stable, with a slight increase in activity in June. So, if you’re thinking of selling, now might be a good time.

The Buyer’s Market

For buyers, the story is a bit different. According to realestate.com.au, the total number of properties available for sale across the country declined by 2.5% compared to May. This means that buyers faced slightly less overall choice in June. However, the situation varies across different regions. In Sydney and Melbourne, the total number of properties available for sale is down from where it was a year ago but is only a little below the average over the previous decade. In contrast, buyers in Perth are facing a record low number of properties on the market. So, if you’re a buyer, you might need to be a bit more patient and keep a close eye on the market.

The Future Outlook

Looking ahead, Forbes suggests that the first half of 2023 has been quieter than was the case in 2022 for property markets across the country. Activity is likely to be a little slower over the next couple of months during the typically quieter winter period, before activity starts to pick up again for the spring selling season. So, if you’re planning to buy or sell, it might be worth waiting a few months.

Wrapping Up

In conclusion, the Australian property market in June 2023 is a mixed bag. While the total value of residential dwellings continues to rise, the number of properties available for sale is declining. This means that while it’s a good time for sellers, buyers might face a bit more competition. But don’t worry, the property market is always changing, and there are always opportunities out there. So, whether you’re a buyer, a seller, or just a property enthusiast, keep an eye on the market, stay informed, and make the best decisions for your situation.

That’s all for now, folks! Stay tuned for more updates on the Australian property market. And remember, whether you’re buying or selling, it’s all about being in the right place at the right time.