Australian Property Market Set for an Unprecedented Post-Easter Boom

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As Easter approaches, a period traditionally marked by a lull in the Australian property market, experts predict an unusual surge in activity this year, suggesting that the brief holiday hiatus will hardly impact the booming market trajectory. Contrary to the customary slowdown, the property market is anticipated to maintain its momentum through autumn and into the colder months, powered by record-high house and unit prices in the combined capital cities as reported in the latest Domain House Price Report.

Nerida Conisbee, Chief Economist at Ray White Group, highlights the robust market activity observed in March and anticipates no let-up in April. “It’s been such a busy March with a lot of properties coming to market and clearing well at auction,” Conisbee stated, underscoring the healthy turnover of stock and dismissing any significant impact from Easter on the market’s vigor.

Echoing this sentiment, Emily Wallace of Wallace Advocates notes the timing of Easter, combined with the preceding long weekends, has slightly disrupted the auction listing cycle but hasn’t dampened the market’s enthusiasm. She observed, “But I think people are coping by putting properties online just before Easter but going for auction afterwards.” This strategy, according to Wallace, ensures the market hits the ground running post-Easter, with a noticeable increase in listings set for April.

The market’s resilience is further backed by the anticipation of a significant lift in listings before Anzac Day, indicating continued high activity levels. The Domain House Price Report supports this optimism, showing that house prices in Sydney, Brisbane, Adelaide, and Perth are at record highs, with Melbourne expected to complete its price recovery this year.

Dr. Nicola Powell, Domain’s Chief of Research and Economics, points out the strategic timing of sales around Easter, potentially leading to a ‘Super Saturday’ event. “All the signs are that we’ll have a Super Saturday event before Easter as people are strategically timing their sales to happen before the shutdown period,” Powell explained. This suggests a smart adaptation to the holiday period, minimizing its impact on the market’s momentum.

Industry insiders across major cities share this positive outlook. In Melbourne, John Bongiorno, Director at Marshall White, reports a surge in buyer activity, while in Sydney, Debbie Donnelley of PPD Real Estate mentions a record start to the year with no signs of slowing down post-Easter. Similarly, Canberra’s market is expected to remain vibrant, with Michael Pead of Belle Property noting the digital platform’s role in sustaining interest over the Easter period.

With the Westpac–Melbourne Institute Consumer Sentiment Index marking a significant rise and the general anticipation of an interest rate cut, the Australian property market stands on the cusp of an unprecedented post-Easter boom, challenging traditional market slowdown norms.

References:

Sue Williams reports a strong market momentum that’s likely to continue through Easter and beyond. https://www.domain.com.au/news/property-trends-easter-march-30-age-1269431/