Property price growth may have slowed at the start of the year, but the experts have spotted signs things may soon pick up
Lawyers and conveyancers are reporting a lift in property transaction numbers which may lead to price growth

IT MIGHT have been
a slow start to the year for the property market but don’t panic - industry
professionals say signs have emerged that things will soon start to pick up.

Legal and
conveyancing professionals have revealed strong sales volumes for the start of
the year could lead to price increases.

A survey of
professionals by GlobalX Legal Solutions found 82 per cent believed Australia’s
home values would stay constant or increase over the next year.

Chief executive
Peter Maloney said lawyers and conveyancers were involved in the sales process
earlier than most and could already see a pick up in transactions.

“They are the first
point of interaction when the consumer says I would like to sell my property,’’
he said.

“(They report)
sales volumes are holding very, very strong in most Australian states.

“Take out the
disaster which is Western Australia, I don’t know if I can describe it any
other way than that, but volumes are absolutely well and truly up in all major
capital cities.’’

Mr Maloney said
conveyancers were across the price negotiations which went on through to the
final contract of sale and the trend was that sellers were getting closer to
their asking price.

He said listings
had come back strongly since February.

“The values of
those properties are showing great results and the clearance rates are starting
to get up into the mid to high 70 per cents again.

“Despite the last
quarter reporting slower than average growth, our research found one in three
conveyancers believe market valuations will increase by more than 5 per cent in
the next 12 months.’’

Mr Maloney said the
start of the year tended to be a relatively quiet month across the housing
market, but as the sector moved out of its seasonally slow period, they were likely
to see new trends emerge.

“Australia’s
housing market is habitually very resilient, so we will be watching closely
over the coming months to see what regions and developments evolve within the
market,” he said.