The property market is in a downswing according to the current data and sentiment, however it's important to remember that we have 'markets within markets', which means the downswing won't impact all areas in an identical fashion.
As an example, below is a comparison of auction results from last Saturday (2 July) versus the same time last year - you will see that Sydney, Melbourne and Canberra had the biggest falls in clearance rates over that period, while Adelaide and Brisbane did not fall to this extent..
Auction Clearance Rates - (Saturday 2 July 2022)
Sydney - 56%
Melbourne - 55%
Brisbane - 45%
Adelaide - 72%
Canberra - 48%
Auction Clearance Rates - (Saturday 3 July 2021)
Sydney - 69%
Melbourne - 73%
Brisbane - 54%
Adelaide - 79%
Canberra - 84%
Every state, city/region, and suburb has unique factors that will need to be considered when making an investment decision. It's important to research key drivers for demand and interest in the specific area you are choosing to buy, sell, or hold real estate.
Vendor discount rates, days on market, and median prices at a suburb level (plotted over a period of years) are examples of additional data points to consider using as part of your research.
