listings are up 5.6 per cent
Listings are up by almost six per cent on last year’s figures. Image: Canva.
  • Increased total listings compared to last year
  • Sellers' confidence returning leads to rising listings
  • New listings falls due to the Easter and Anzac day holidays

Despite the number of homes on the market remaining tight around the country, new data shows that listings are now 5.6% higher than the same time last year.

The PropTrack Listings Report April 2023, found that new listings slumped 28.3% during April thanks to the extended long weekends for Easter and Anzac Day.

PropTrack Economist and report author, Angus Moore, said April was a quieter month than March, however, it does appear that sellers are now starting to see some confidence return.

“Although it was a slower month of new listings, the good news for buyers is that the total number of properties available for sale has improved compared to a year ago and is up sharply in some parts of the country,” said Moore.

“This is giving buyers more choice.”

New listings down

According to the report, there was a slowdown in new property listings across the major capital cities, where listings were down 29% compared to the prior month.

All capital cities experienced a decline in new listings, with Canberra leading the way with a decrease of 37.7%, followed by Hobart with a 34% decrease.

Sydney and Melbourne saw fewer new listings this April compared to the same period last year, experiencing declines of 24.9% and 22.5%, respectively.

While Darwin and Adelaide had the smallest year-on-year declines, with decreases of 15.4% and 18%, respectively, they still experienced substantial decreases in new listings compared to the previous year.

In addition, regional areas were also affected by the decline, with a month-on-month decrease of 27.2% in new listings. Compared to April 2022, regional areas have also seen new listings fall by 21.4%.

However, there have been improvements in the total stock of properties listed for sale in certain regional areas, especially in regional NSW, Victoria, and Tasmania.

Change in new and total for sale listings

Region Area MoM% YoY% MoM% YoY%
NSW Sydney -28.2% -24.9% -9.0% -8.2%
Regional NSW -28.3% -18.8% -4.1% 34.5%
VIC Melbourne -26.9% -22.5% -6.4% 0.4%
Regional Victoria -28.4% -19.9% -1.6% 40.7%
QLD Brisbane -28.9% -31.6% -5.9% 5.3%
Regional QLD -26.9% -25.6% -3.8% -3.3%
SA Adelaide -30.1% -18.0% -6.4% 3.5%
Regional SA -23.3% -15.4% -3.2% -2.6%
WA Perth -32.2% -26.3% -6.2% -9.0%
Regional WA -26.1% -23.6% -3.3% -8.9%
TAS Hobart -34.0% -25.1% -4.9% 66.9%
Regional TAS -22,6% -17.7% -2.0% 42.9%
NT Darwin -22,8% -15.4% -0.4% 4.3%
Regional NT -26.5% 53.7% 5.0% -1.9%
ACT Canberra -37.7% -21.3% -10.7% 13.3%
National Capital cities -29.0% -24.9% -6.9% -1.4%
Regional areas -27.2% -21.4% -3.2% 14.5%
Total -28.3% -23.5% -5.2% 5.6%

Source: PropTrack Listings Report April 2023

Quiet winter ahead

Moore said he expects the volume of new listings to remain subdued over the winter months.

“With the majority of the autumn selling season now behind us, we expect market activity will remain quieter over the next few months.”

“This is usually the case heading into, and during, the winter period before the market picks up again for spring.”

Angus Moore, PropTrack Economist

“However, market conditions have improved from late 2022.”

He said auction clearance rates continue to hold steady and continue to pick up compared to this time last year.

“Home prices increased again in April, marking the fourth consecutive month of growth.”

“While the increases have been modest, it is a change from the consistent price falls seen throughout much of 2022 when the RBA was raising interest rates very quickly.”

Migration creating demand

Moore said the fundamentals of housing demand remain strong in the short to medium term which should add more confidence to the market.

“Unemployment has remained close to multi-decade lows for much of 2022 and into 2023.”

“Wages growth, while running slower than inflation, has started to pick up.

“International migration has also resumed, which will further add to housing demand, while rental markets remain extremely tight across the country.”

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