The decline in the market that has been predicted following the rise in the rate of inflation and mortgage interest rates has finally shown up in sales figures.
The median and average sales prices in April fell back when compared to those in March, and those for the previous three months, but remained well ahead of the prices of property 12 months ago with the monthly median price at $1,141,000 was a fall of 3.3 percent and the average price at $1,212,376 was a fall of 1.8 percent.
When compared to the average prices paid over the previous three months, the median price in April fell 1.7 percent and the average price fell 0.7 percent.
Buyers are now showing a greater reluctance to meet vendor expectations. Vendors who have an open mind as to the value of their property are the ones who are more likely to achieve a sale in the new environment into which the market is heading.
New listings for the month are down a third on those for last month but are in line with the numbers normally listed in April. With buyer choice remaining excellent and economic conditions unlikely to alter in the short term, to be successful in coming months vendors will need to focus carefully on their price expectations. Month-end stock number to 4845, the highest it has been for more than three years.
Want to make the move to your first home, next home or downsize thengive Victoria a call –she is the key
to your next adventure.