Housing Market Resilient

The housing market remains resilient in the face of rising interest rates, as it enters one of its busiest times of the year. CoreLogic head of research, Eliza Owen, says the market performed well over winter and she expects that to continue throughout spring.

“This time last year, we were seeing the shock of rate rises starting to settle in across the housing market,” Owen says. “If you look at the same period last year, the combined capital cities clearance rate was averaging around 55%, as opposed to the average 65% where it’s been the past few weeks.” She says listing volumes are now starting to rise after falling at this time last year. “Compared to last year, the housing market and selling conditions are looking a little bit better,” she says. Her outlook for spring is “optimistic, yet cautious” with expectations of a modest uplift in prices and further increases in new listings.