While interest rate rises have and will continue to limit purchasing power for some, they are no longer considered as much of a barrier for buyers with the RBA announcing another hold for the third consecutive month, another boost of confidence and stability to sellers and buyers.
We wanted to provide some statistics on supply and demand over some suburbs across the Newcastle Region.
While on-market campaigns remain the preferred method for the majority of sellers and buyers, properties listed off market continue to transact in a timely manner. Meanwhile, our auction clearance rate remained above 95%, further reflecting the readiness and intention to purchase under auction conditions together with the auction clearance rate for Newcastle continuing to rise, currently sitting at 63% (source realestate.com.au)
The continuation of increases in auction clearance rates and prices reflects a pattern of intent from both sellers and buyers to move ahead with their plans.
The depth and range of the pipeline that’s being built at present for Spring is not entirely unusual. However, when you combine this with the volumes already recorded for June, July and August it’s clear that the impact of the traditional Winter lull is less relevant now as it was prior to the pandemic.
