The spring selling season is nearly here, with vendors putting the finishing touches on their properties around the southeast.
The spring selling season is classed as one of the best times to sell your property because many buyers hold off purchasing during the cooler winter months – especially in our neck of the woods.
This year it will be the first spring for three years when our property markets have not been impacted by lockdowns or restrictions of some sort, which made it more difficult for buyers, sellers, and agents alike.
In July, Australian home values were -2.0% lower than the peak in April 2022. On top of price declines, many other data points suggest a slowing in market conditions.
Properties are taking longer to sell, vendors are gradually lowering their prices, and reduced appetite for finance means there is less buyer competition amid a larger number of properties available for sale. But things had to stabilise given the amazing run we had.
Market strength Ipswich
In Ipswich, property prices remain solid with the local market continuing to record sound market metrics.
Ipswich has 64 properties available for sale. The median property price for a house is currently $480,000 with annual capital growth of 12.94%. There were 53 house sales in the past 12 months. On average, houses spend 35 days on market.
If you’re thinking about buying an investment property in Ipswich, consider that rental yields for houses are currently 4.37% with an average median rent of $365 weekly. Houses have seen 2.13% growth in the past quarter, and 12.94% growth in the past 12 months.
Market strength Toowoomba
While property prices are remaining steady, Toowoomba has experienced a solid property market over the past 12 months. With median property prices over the last year range from $445,500 for houses to $280,000 for units. If you are looking for an investment property, consider houses in Toowoomba City rent out for $400 PW with an annual rental yield of 4.7% and units rent for $280 PW with a rental yield of 6.4%. Based on five years of sales, Toowoomba City has seen a compound growth rate of 7.0% for houses and -1.8% for units. Last month Toowoomba City had 18 properties available for rent and 20 properties for sale.
At iThink Property, we always supercharge our marketing campaigns during the spring selling season because of the evidence that selling in spring is a popular time of the year to sell.