From a sample of 58 projects surveyed in Q2 2019 on average 12 per cent of available inventory was sold in the quarter, getting back up to levels seen a year ago, prior to two quarters at or under 10 per cent.
“While national conditions remain calm, an increase in pace of activity, along with wider indicators, provides a glimpse that the market could be edging past the bottom,” said Mark Dawson, Director of Property Economics. “We will be watching the extent and speed at which this plays out across the country in the coming quarters, and what it means for the year ahead.”
Up against the cool breeze of macroeconomic indicators and affordability challenges the weighted average price crept up to $653,000 for the quarter.
The role of apartments remains clear in the affordability debate, as while buyers continue to pay a slight premium for new stock, the average apartment in the inner and middle ring can still come in at under half the median house price for the same area.
Time will tell whether the improving sentiment post-election and adjusted mortgage sector allows sales momentum to build through spring.