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July Property Update 2022

Firstly we are excited to announce that we are finalists in the REINSW awards for excellence as Buyers Agency of the Year.

Claudia and Mary are also finalists in 2 respective categories – Achievement Award and Operational Support. It’s a great honour to be recognised in front of our peers.

Highlights

  • This month we have seen a further interest rate rise by 0.5% to 1.35%, with the RBA increasing the Official Interest rate for the 3rd consecutive month. Further interest rate rises are expected to slow inflation.
  • In June, Nationally prices fell by 0.2%, which is the first quarterly decline since October 2020. Prices ae still up by 11.2% over the past 12 months.
  • The combined regional property was up by a further 2% for the June quarter.
  • Sydney property prices fell by 1.6%, and now down by 2.8% for the quarter. We are now down 3.1% from the January 2022 high.
  • Brisbane however is a different story, with June being up 0.1%, 2.7% for the quarter and 25.6% over the past year. Brisbane is currently at record high.
  • Perth, Adelaide, Hobart and Canberra are all currently at a record highs.
  • Australian residential real estate is now valued $9.95 Trillion, and Commercial real estate is now valued at $1.2 Trillion.
  • Properties are starting to take longer to sell, with the median days on market in Sydney over the June 2022 quarter being 33 days, up from 23 days in June 2021.
  • Sales volumes in Sydney are down 9.4% on this time last year. Total stock remains 26.2% below the 5 year average.
  • Rents are still increasing with Sydney up 9.7% annually to June, and Brisbane up 12.1%.

Please get in contact should you have any property related questions.

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