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Sellers Set to Benefit this Spring Selling Season

Tuesday August 29, 2023 ● By Emily Russ // Place Estate Agents

With potentially steadying interest rates prompting potential buyers to continue their search for a new home, there is a renewed sense of certainty assured for the upcoming Spring selling season.


New economic forecasts from the RBA and a number of top Australian banks suggests there are likely more exciting times ahead for sellers.

Signifying the longest pause of rate rises since growing from a record low of 0.1% in May 2022, the RBA held the cash rate at 4.1% at its August meeting. Sitting at this level since June, this steadied rate is expected by economists to extend into the future.

RBA Governor Phillip Lowe has not ruled out any further increases, however has confirmed that any potential growth depends on the evolution of Australia’s inflation and economy. Following the announcement of this wait-and-see approach, CBA and Westpac have joined ANZ and AMP in predicting a possible interest rate peak.

As identified by REA Group’s 2023 Property Seeker Survey, market uncertainty was the leading reason respondents changed their minds about selling in the last 12 months. This news has encouraged new listings and enquiry from sellers, as well as furthering strong buyer interest.

Proptrack economist Anne Flaherty has said that sellers can feel more confident about securing a sale and finding their next home. “People should have optimism that if they were to put their home on the market, they’re going to find a buyer,” said Flaherty. “It’s looking like we’re getting to the top of that interest rate cycle and once interest rates hit their peak, I think that will boost confidence. Of course, once interest rates start coming down further, that’s going to stimulate more activity as well.”

Traditionally a busy period for the real estate market, the upcoming Spring selling season is anticipated to deliver positive results and drive competition.

“In the back-end of last year, people were starting to feel really nervous about the way things were and we saw buyer demand really drop off [but] this year, we’re starting to see the opposite,” explained Flaherty. “We’ve seen six months in a row of price rises [and] buyer demand is really strong.”

Want to take advantage of the busiest selling season of the year? Get in touch with our team today!

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