- PropTrack reports new listings jumping 49.8% in January 2023.
- Despite spiking, listings were still 9.4% lower than January 2022.
- Regionally, listings are up 15.8% - the largest increase in 10 years.
Vendors were busy preparing their properties for sale over the Christmas break, with new listings jumping 49.8 per cent in January.
The PropTrack Listings Report January 2023, found that while there was a sharp spike after the holiday break, new listings were still 9.4 per cent lower than the same time last year.
However, choice for buyers has improved compared to a year ago, with total listings up
11.5 per cent.
New listings jumped across the board with Sydney (158.7 per cent), Melbourne (100.5 per cent), Brisbane (80.0 per cent), Adelaide (84.9 per cent), Perth (45.9 per cent) and Hobart (69.5 per cent), all experiencing an increase.
PropTrack Economist, Angus Moore, said activity in the nation’s property markets resumed in January after the usual end-of-year break put a pause on selling campaigns.
“New listings in capital cities were up almost 93 per cent month-on-month in January, as vendors returned to the market after a typically quiet December,” Mr Moore said.
“While a large increase, it reflects just how quiet the end-of-year break was.
“Despite the increase, new listings were still below 2022’s strong levels.
Nearly all capital cities have seen an increase in the total number of properties listed for sale compared to a year ago, with only Perth recording a decline according to the report.
Regionally, the total number of properties listed for sale is up 15.8 per cent year-on-year – the largest annual increase in at least a decade.
Listings down on last year
Despite monthly increases coming out of the end-of-year break, new listings were lower than January last year in most capital cities, including Sydney (-16.0 per cent), Melbourne (-15.4 per cent), Brisbane (-6.9 per cent), Adelaide (-3.9 per cent) and Perth (-14.9 per cent).
Hobart bucked the trend, with new listings up 24.6 per cent compared to January 2022, continuing the busier pace of activity the city experienced throughout much of 2022.
While new listings in regional areas were up month-on-month, they were 4.4 per cent below January 2022 levels.
Declining values
Mr Moore said conditions and activity slowed in the back half of 2022 following an extremely busy spring in 2021 which extended into early 2022.
Moore said, “Home prices continued to decline across the country in January, though the pace of fall has slowed from what was experienced in mid-2022.
“Home prices nationally declined 0.1 per cent month-on-month in January and are now down 4.5 per cent from their peak in early 2022.
“Those price falls, and the slowing in market activity, have come on the back of the Reserve Bank of Australia raising interest rates at an extremely brisk pace.
“The RBA is expected to continue raising rates this year, though there may not be much further to go,” he said.
Mr Moore said while selling conditions have clearly softened from where they were in early 2022, and market activity has slowed, the fundamental long-term drivers of demand for housing remain solid.
“The unemployment rate was sitting around multi-decade lows for the majority of 2022 and has remained there for much of the past six months.
“Wages growth, while running slower than inflation, has started to pick up. International migration has also returned, which will further add to housing demand,” he said.
