‘A seller’s market’: House values hit record high after strong January

“Advertised supply levels are low while demand is strong. This is a seller’s market, but for some reason we are still seeing below normal vendor numbers across most markets. With sentiment rising and selling conditions favouring the vendor, it is reasonable to expect new listing numbers will rise as the year progresses which may help to temper housing market conditions.”Values across regional NSW lifted by 1.5 per cent in January to be 4.7 per cent better over the past quarter.

Values in regional Victoria increased by 1.6 per cent in January to be 4.8 per cent up over the quarter compared to Melbourne’s 2.1 per cent improvement.Mr Lawless said it appeared people were moving out of Sydney and Melbourne and heading for regional areas. “Better housing affordability, an opportunity for a lifestyle upgrade and lower density housing options are other factors that might be contributing to this trend, along with the new found popularity of remote working arrangements,” he said.

The Reserve Bank board meets on Tuesday with it expected to hold official interest rates at their current record low level of 0.1 per cent.

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