Caution persists in New South Wales and Victoria
Property sellers in Tasmania are showing increased confidence in the housing market, contrasting with more cautious sentiment in New South Wales and Victoria, where price growth has been more subdued.
According to the latest Residential Audience Pulse Survey from realestate.com.au, the number of Tasmanian sellers who considered it a good time to sell rose by 15% in October.
Tasmania’s housing market has defied the national slowdown, with property prices continuing to rise even as other markets have begun to cool. This divergence has bolstered seller optimism in the state, setting it apart from other regions.
“Despite varying sentiments across states, the spring selling season of 2024 outperformed the previous year,” said Karen Dellow (pictured above), senior audience analyst at PropTrack. “This robust activity underscores the resilience of the market, with both buyers and sellers remaining active despite fluctuating confidence levels.
“The anticipation of future price increases plays a role in sellers’ decisions, although confidence in immediate price growth has softened since earlier in 2024.”
In Western Australia, sentiment remains particularly robust, underpinned by the 17.6% annual growth in Perth property values. Sellers in WA frequently cite high prices as a key motivator for listing homes.
On the buyer side, confidence has held steady nationwide, with about a third of buyers feeling it’s a favourable time to purchase. This sentiment is particularly strong in Victoria, where a plateau in price growth has prompted 40% of buyers to see now as a good time to enter the market.
“Notably, sentiment trends reveal that buyers are primarily motivated by a desire for larger properties and the allure of more space, with one in five aiming to upsize,” Dellow said. “Simultaneously, Australia’s aging population drives a growing demand for downsizing, influencing new development trends favouring luxury apartments and retirement living.
“The demand for properties in regional areas of South Australia and Queensland is rising, driven by a desire to relocate closer to the beach or mountains, and retirement considerations. Affordable pricing in these regions compared to urban centres like Adelaide and Brisbane has increased buyer sentiment in these states.”
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