The local market has continued to witness a consistent level of buyer demand in the 1st quarter of 2022, with housing supply experiencing a marginal increase, despite remaining at low levels overall.

There has been a sharp increase in the average sold price during the first quarter of the year, fewer first-time buyer transactions have likely attributed to this increase.

With stamp duty savings no longer available and with increased interest rates, we have witnessed a drop in the total number of transactions to date.

All research would suggest that the market will continue to stabilise after the unusual market activity over the last 2 years, it is expected that many lenders will tighten their criteria and with inflation being at a 40-year high, a reduced number of transactions this year is almost inevitable.

We predict that the market will move closer to normal in the second half of the year, resulting in lower rates of appreciation and more even supply and demand.

*Please note that this is a broad analysis of the overall local market

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