Property prices may be down but sales volumes are down a lot more. The graph* shows the national picture of falling monthly settled sales, testing levels of six years ago.
Amongst the many factors causing the slowdown in sales is the increase in properties available for sale. The urgency that buyers felt in missing out on a property has been replaced with a perception that the longer they wait, the less they will have to pay.
Vendors have not been holding back their properties in large enough numbers to halt the decline in property prices. Although the number of new listings in January 2019 was lower by 13.2% (combined capital cities) compared to January 2018, there were still 15.6% more properties on the market*.
The biggest downturns in the volume of sales have been in Melbourne and Sydney which have experienced the largest recent price falls. In contrast, Brisbane dwelling values have avoided the price roller-coaster and as a result the volume of property sales has also avoided the recent Sydney/Melbourne dive.
New whitepaper highlights essential KPIs for conveyancing practices
If there was ever a time to be eagle-eyed on conveyancing practice KPIs, that time is now. Smokeball has published a report that includes the essential KPIs that conveyancing practices should be monitoring closely. It has been written by Hunter Steele, CEO of Smokeball.
Free download here [no registration needed].
*graph and statistics source: CoreLogic