REA Group last week released it’s Property Demand Index Report for October.
“Demand for property in Australia is now at fever pitch, with rates continuing to reach record levels, further supporting house price growth in all states except Western Australia,” says Nerida Conisbee, REA Group Chief Economist.
“From what we’re seeing on realestate.com.au in October, the increases in the index have been driven by more people looking to buy, despite a marginal seasonal increase in active listings on realestate.com.au over the month of October. However, we’re still seeing overall listings on the site remain lower than the same time last year.
“Increased demand will continue to be a challenge in affordability, particularly in New South Wales and Victoria, where we are seeing the strongest levels of demand and the highest median prices.
“Apartment demand also continues to be high, driven by the number of people looking to buy outpacing the number of listings, which is somewhat surprising given the level of new apartment development across Australia.”
The REA Group Property Demand Index collates data from activity on its property website – realestate.com.au – the leading source in Australia for residential property with a total average unique audience of more than 5.9 million1. REA Group calculates its data on a seasonally adjusted basis the number of online visits against the average number of property listings.
1 Nielsen Monthly Digital Ratings, April-August 2016