According to SQM Research, total residential property listings rose by 7.6% in November 2024 to 272,645 properties, marking a significant increase driven by older listings and underwhelming spring sales.
Listings aged 30–90 days surged 22.6%, while older listings (on market over 180 days) rose 6.4%. In contrast, new listings declined slightly by 0.4%, reflecting a slower-than-expected spring selling season.
Perth led the monthly increases with a notable 20% rise in total listings, followed by Adelaide (16.7%) and Hobart (12.2%). Meanwhile, Darwin was the only capital city to record a decline, dropping by 2.7%.
Nationally, new listings (properties under 30 days) saw a minor decline of 0.4% in November.
Sydney posted the steepest drop, falling 9.7%, while Darwin saw an even sharper decline of 20.9%. Melbourne and Canberra also showed modest decreases of 2.7% and 5.5%, respectively.
However, some cities bucked the trend. Adelaide saw a 12.2% rise in new listings, followed by Perth (11.3%) and Brisbane (1.2%).
Over the past year, new listings grew by 2.1% nationwide, led by Melbourne’s 7.6% annual rise and Brisbane’s 6.5% growth.
Old property listings (on the market for over 180 days) jumped 6.4% nationally in November, reaching 74,119 properties. Sydney recorded the largest monthly increase at 11.1%, followed by Hobart (8.8%) and Darwin (9.1%).
Yearly trends highlight a broader slowdown, with Canberra leading annual increases in old listings, up 56.3%, while Perth saw a dramatic 51.4% decline, indicating faster turnover in WA.
National asking prices showed a marginal 0.1% decline in November, with house prices down 0.2%, offset by a 0.4% rise in unit prices.
Sydney and Melbourne experienced further drops, with combined asking prices falling 0.9% and 0.7%, respectively.
In contrast, Perth and Adelaide recorded solid gains, with Perth’s combined prices up 1.2% and Adelaide leading the capitals with a 2.3% increase. Canberra also performed strongly, with house prices rising 3.2%.
Louis Christopher (pictured above), managing director of SQM Research, noted the slower-than-expected spring season.
“This will be slightly disappointing news to many real estate agents who were counting on a stronger selling season than what has actually happened,” Christopher said.
Looking ahead, the SQM Research director expects new listings to decline in December due to the holiday slowdown, with activity resuming in early February. Summer holiday markets, such as the Gold Coast, are expected to remain busy throughout January.
For a full breakdown of property trends and suburb-level insights, visit SQM Research's website. Read the SQM Research article in full on LinkedIn.
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