While the market has seen a shortage of stock this year, it appears there was a late spring rebound, according the Real Estate Institute. While year-on-year the number of homes sold nationally decreased by almost 9 per cent, there were 17.8 per cent more properties sold in November than October (seasonally adjusted to 4.5 per cent), representing the biggest month-on-month increase between the two months in six years.
Real Estate Institute chief executive Bindi Norwell commented, "While there was a significant increase in properties sold, November traditionally sees a robust increase, although the change in November compared to last month was stronger than we would have expected based on past data. After a difficult winter and a slow start to spring, the real estate industry has experienced a lift in optimism and activity, with increases in the properties sold in 15 out of 16 regions across the country when compared to the previous month."
It should be noted that the long lead in to the election and delay in settling on who was to govern, as always, slowed the market and the resulting change in government further raised concerns in both seller and buyer groups.
