- Fall in active for sale and rental listings last month
- Newly national listings for sale are also down, although up year on year
- Increase in newly listed properties for rent last month
Demand for properties for both sale and rent continues to outstrip supply, particularly in regional Australia, according to the REA Group’s latest Insights Listings Report July 2021.
During June there was a fall in active for sale and rental listings on realestate.com.au of 3.3% and 2.4% respectively. Overall, new national listings for sale fell by 5.5% – the third consecutive monthly fall. Year on year, however, new listings for sale are up by 19.4%.
Active listings are down by 19.7% in June 2021 compared to June 2020, which is the largest decline on record.
In terms of newly listed properties for rent in June, there was a 3.7% increase but this was not enough to meet demand with active listings falling by 2.4%.
Active for sale listings in regional areas are at a historic new low; there are more properties available to rent in either Sydney or Melbourne than all of regional Australia combined.
Monthly new for sale listing trends
(capital cities vs rest of state)
“Properties for sale that were sitting on the market have now been bought as new supply in June failed to meet demand,” explained Cameron Kusher, Director of Economic Research at REA Group.
As expected, lockdowns in New South Wales and Victoria adversely affected new listings, with both of these states recording their lowest number of new listings since January.
Despite this, demand generally remained high barring inner-city rentals, which are witnessing relatively low levels of demand.
“It is reasonable to expect competition for properties for sale will remain strong pushing prices higher in most markets,” added Mr Kusher.
“Intense competition in regional markets due to shifting populations is the primary driver of record low active rental listings.
“However, there are two very different rental markets playing out. Outside of challenged inner-city Sydney and Melbourne unit markets, the strong demand for rental accommodation is expected to see the cost of renting continue to climb.”
Cameron Kusher, REA Group