- November is a typically quieter month than October.
- New and total listings were both up on the same time last year.
- The regions also recorded an uptick, with November typically peak time.
The Australian real estate market has recorded a monthly fall in new listings, according to the latest PropTrack listings report.
It is typical for listings to decline towards the end of spring, however, the market remains busy, given there were 4.7% more new listings across Australia compared to the same period last year.
“Activity in Sydney and Melbourne has been much closer to what has been typical in spring over the past decade, and busier than last year’s very quiet selling season,” said PropTrack senior economist and report author, Angus Moore.
Sydney recorded an annual increase of 11.9% in new listings, and Melbourne recorded a 19.1% rise.
“Improved selling conditions, more certainty about interest rates, and the fact that prices are growing, compared to declines last year, are supporting vendor confidence,” noted Moore.
He added that while further rate hikes were possible, “… market pricing implies that markets are not expecting further increases, and that there is the possibility of declines next year.”
It is broadly predicted that the cash rate will be cut towards the end of 2024.
Total listings also lift across the nation
The report also found that total listings lifted year-on-year, up 4.5%.
More choice could be had across the capitals, with Canberra seeing total listings rise 24.2%, Hobart up 17.6%, Melbourne up 13.2%, Sydney up 5.4%, and Darwin up 4.8%.
However, total listings fell significantly for places like Brisbane, Adelaide, and Perth, where they fell 13.4%, 0.8%, and 24.4%, respectively.
Regions lift as they hit the November peak
Australia’s regional markets saw modest growth, with PropTrack recording a 0.3% uptick in new listings month-on-month. The report also noted the peak month for regional markets is typically November, compared to October for the capitals.
In terms of choice, the regions played out similarly to the capitals, with regional New South Wales and regional Victoria both seeing improvements over the past two years, roughly, while regional Queensland, regional South Australia, and regional Western Australia have around half as many properties listed for sale as they did prior to the pandemic.
Long term outlook
Moore said that tight rental markets, strong population growth, and growing wages will continue to support fundamental demand for property.
Across the capitals
The Brisbane market only recorded a 0.4% dip in new listings month-on-month. The report noted that the smaller-than-typical fall is not unusual, as November has been busier than October in some years.
November was the busiest month of the year for Adelaide, recording a monthly rise in new listings of 4.4%. This was noted as typical for the South Australian capital.
Hobart similarly recorded a busier November, up 8.1% on October. The report noted it was consistent with the typical seasonal pattern for the Tasmanian capital.
Despite that uplift, Hobart had a slower month than the same time last year, down 2.4% for new listings.
Perth recorded a monthly uplift in new listings, rising 5.9%. Despite that, new listings were down 7.7% year-on-year. In terms of total listings, it was 24.4% lower than the same time last year.