- Initially was a slow start to the spring selling season
- Uptick recorded in Melbourne and Sydney, thanks to easing restrictions
- SQM Research suggests overall listings remain low nationally
Despite an initial slow start to the spring selling season, in part due to the lockdowns in New South Wales and Victoria, new listings have now started to lift, according to CoreLogic.
Just last week, the Real Estate Insitute of Australia (REIA) President, Adrian Kelly, noted that listings were seasonally low, in part due to restrictions in Melbourne, Sydney and Canberra.
However, CoreLogic data has since revealed listings have levelled out and are on the rise.
Every capital city has seen a lift in new real estate listings, with some of the largest increases recorded in Melbourne and Sydney, albeit below the five-year average in all the capital cities except Adelaide, Perth and Darwin.
New listings bottomed out over the four weeks ending 5 September where just 31,731 new listings were added to the housing market. This is the lowest volume since the seasonal low recorded in January.
Since then, new listings have lifted by +9.8%, although -21.6% below the high in March and -3.9% below the five-year average for this time of the year.
New listings trend relative to previous years, rolling four-week count (national)
Melbourne has recorded the largest lift in new listings – a +48.5% surge since the first week of September, where only 3,320 new listings were added, a record low.
Eased restrictions on property inspections contributed to the improvement, although there was already an upwards movement being noted prior.
“Figures show Melbourne’s new listings trends have been extremely volatile, falling sharply through each of the five lockdowns to date, before rebounding quickly once restrictions were lifted,” explained CoreLogic’s Tim Lawless.
“Sydney hasn’t shown the same volatility as Melbourne; partly due to fewer lockdowns, but also because restrictions did not prohibit private one-on-one inspections. As a result, the rolling four-week count of new listings has steadily risen since mid-August.”
Tim Lawless, CoreLogic
As of 19 September, new listings are up +31% but 3.9% below the five-year average.
In Canberra, new listings have increased by +28% after recording a low last week. Inspection rules have now eased, therefore listings are expected to rise.
In cities that have generally avoided extended lockdowns, new listings are above the five-year average. In Perth, new listings are +7.9% above the five-year average and up by +18.3% compared to last year.
In Darwin, new listings are +45.9% higher than the five-year average, while Adelaide has recorded a +1% above average increase.
Brisbane is experiencing a lockdown hangover with only a mild uptick in new listings – currently -3.8% below the five-year average.
Hobart has seen new listings -9.6% below the five-year average.
“With lockdown restrictions planned to ease further as vaccination targets are met, we should see an increase in confidence from vendors thinking of selling their property,” continued Mr Lawless.
“At the moment, selling conditions remain skewed towards vendors rather than buyers, but a lift in listings through spring and summer should help to rebalance buyers and sellers places at the negotiating table.
“By how much will depend on stock levels as well as the depth of buyer demand amid worsening affordability challenges.”
According to SQM Research, as of last month, total property listings remain at their lowest point since data began being collected in 2010.
Nationally
