- REA Group has released its inaugural monthly Listings Report
- All capital cities except Darwin and Sydney recorded a fall in new listings
- Active listings also saw a slight decline
Data from the Real Estate Australia (REA) Group’s inaugural monthly Insights Listing Report, has shown that new national listings fell in April compared to March.
Specifically, new national listings fell by 6.9% – however, the number of listings was still the second-highest number since October 2019.
REA Group’s Director of Economic Research, Cameron Kusher, said supply continues to be outpaced by strong buyer demand.
“With demand at heightened levels, residual stock for sale continues to be sold, reducing the active supply. Therefore, active listing volumes continue to drift lower highlighting strong demand,” said Mr Kusher.
“This demonstrates that despite rising prices and some steam coming out of the market, we are still seeing strong buyer activity.”
Cameron Kusher, REA Group
The report shows all regional areas and capital cities except Sydney and Darwin recorded a fall in new listings. Sydney saw a 1% rise which has resulted in the highest volumes since October 2018 with Darwin’s new listings up by 9.3%.
Additionally, active listings fell by 3.2% in April with Hobart recording a historically low level. Sydney, Melbourne and Perth were the only locations in the report that have recorded a greater number of active listings during April 2021 in comparison to April 2020.
Mr Kusher said he expects property prices to increase, albeit at a slower pace.
“I expect property prices will continue to rise, however, with a better balance between demand and supply it’s reasonable to anticipate that the rate of price growth will slow over the coming months.”
The new monthly reports are part of REA Insights’ regular distribution of market intelligence with Mr Kusher hopeful the report will serve as the most accurate view of listings data in Australia.
“As the property market continues to play a key role in Australia’s economic recovery, the REA Insights monthly listings report will provide an accurate indication of the state of the real estate sector,” said Mr Kusher.