In February, new real estate listings nationally saw a significant month-over-month increase of 16.4%, although they fell by 7.9% compared to the previous February, fresh PropTrack data showed.
This decline is somewhat mitigated by February 2024 being unusually strong due to it being a leap year.
Despite this year-to-year dip, the month’s activity was consistent with the average for the past decade.
Both combined capital cities and regional areas experienced declines in new listings by 7% and 9.5% respectively when compared to February 2024, indicating a nationwide trend.
Sydney and Melbourne noted notable declines in new listings at rates of 7.3% and 15.1%, attributed to the bustling activity of the previous year.
Conversely, Brisbane and Adelaide bucked the trend, with increases in new listings of 4% and 7.1%, showcasing localised market resilience.
The total number of listings increased by 7.2% over the month, marking a slight year-over-year rise of 2.2%. This growth in listings correlates with a rebound in home prices following a rate cut by the Reserve Bank.
Eleanor Creagh (pictured), senior economist at PropTrack, reported that national home prices rose by 0.4% in February, reaching new record highs and overturning the minor price dips observed in recent months.
This recovery led to a year-over-year increase of 3.94% in national prices.
Capital cities spearheaded the recovery with a 0.45% rise, while regional markets saw a growth of 0.28%.
Melbourne and Sydney led the price gains with increases of 0.67% and 0.5%, respectively.
Hobart was the only capital to register a price drop.
On a quarterly basis, Melbourne and Sydney exhibited the fastest acceleration in home price growth, while Perth, Adelaide, and Brisbane showcased significant annual gains, PropTrack reported.
Despite the robust rebound in capital cities, regional markets recorded a higher annual growth rate of 4.54% compared to 3.7% in the capitals, PropTrack reported.
The disparity underscores ongoing affordability challenges and a wider selection of properties in urban areas, which has moderated price growth.
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