Led by sales volume doubling in both NSW and the ACT, new figures from InfoTrack points to a market bounce back.
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According to InfoTrack’s head of property, Australia, Lee Bailie, the results for the debut quarter of the new year indicated transactions weathered a slow start to the year to encouragingly return to levels experienced in October and November 2022.
Leading the national rebound, the ACT reported a 130 per cent rise in sales from January to March, followed by NSW, where the figures jumped 109 per cent.
Increases were also reported in Victoria (78 per cent), Tasmania (70 per cent), Queensland (57 per cent), Western Australian (27 per cent), and South Australia (6 per cent).
Describing these results as “steady improvements,” Mr Bailie revealed the report also analysed the most popular postcodes in both Queensland and NSW, which found the Sunshine Coast suburb of Buderim as having the highest volume of sales for any suburb in the Sunshine State over the past three months.
“Both the Sunshine Coast and Gold Coast were both well represented in the state’s top 10,” he added, noting 70 per cent of Queensland’s top 10 suburbs for residential unit sales were on the Gold Coast, led by first placed Surfers Paradise.
In NSW, he explained the state’s west, south-west, and north-west suburbs dominated the top 10 for first home buyers.
“The postcode 2155, which encompasses Kellyville and Rouse Hill, was the state’s most popular location for first home buyers, while the Central Coast postcode of 2250, which encompasses Erina and Gosford, was the only location in the first home buyers’ top 10 outside greater western Sydney,” he said.
Ranking second and third in NSW for most transactions in the first quarter of the new year were 2170, which includes Liverpool and Moorebank in the city’s south west, and 2765 (Marsden Park and Box Hill).
These figures come off the back of a nationwide surge in auctions over the start of 2023 culminating in Australia hosting its busiest week during the week ending 2 April, when over 2,000 homes went under the hammer.
Similarly, independent auctioneer Clarence White recently shared his belief that the Sydney may have hit the bottom, citing a number of key metrics which point towards a 2023 market recovery.
With an overall stronger performance of property sales Australia-wide over the first quarter of the year, Mr Bailie concluded, “We expect more Australians to take advantage of the current buyer’s market to purchase a home.”
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