Devil is in the data detail as listings tighten

Devil is in the data detail as listings tighten

30 Jun 2016 By: Greg Hocking 0 Comment

Raw data doesn’t get too many hearts racing. Not exactly a hot dinner party topic, is it?

Yet, in its defence, industry statistics can tell us so much about each other; our spending habits; our mood.

On that note I’d like to share one of this week’s sweetest reveals.

While thumbing CoreLogic’s latest sales data for its most recent recording period, I had an open-jaw moment.

There has been a substantial tightening of new sales listings in Melbourne in the four weeks to June 19, 6,940 new listings in the preceding four weeks.

That’s a 5.4% drop in listings compared to the same period in 2015.

This downward trend is also evident in the state-wide figures; new listings across all of Victoria fell by 2.3% to 10,368 between May 22 and June 19.

So what exactly is going on? Who stands to gain?

Vendors often delay placing properties on the market until school holidays are over. That’s a seasonal norm.

But, more than that, what we’re seeing this year is a temporary pause in listings until this week’s long-coming federal election is over.

If I was thinking of going to market – and who wouldn’t be, given current bumper conditions? – I’d read the data signs and get my listing live this winter.

With fewer properties for sale your property will have more attention in coming weeks and with buyers, including first-home buyers, up-graders wanting to capitalise on low interest rates and investors wanting to secure quality assets for portfolios, growing frustrated by the shrinking pool of available properties, they are having to compete and often bid-up prices.

And that will get any vendor’s heart pumping just a little bit faster…

Call us today for an obligation free appraisal of your property ahead of a winter sale.

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Greg Hocking

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