The real estate market in 2024 demonstrated a significant increase in new listings, despite a traditional slowdown in December.
According to Cameron Kusher (pictured above), REA Group’s director of economic research, the market saw an uplift of 7.9% in new listings compared to 2023, marking the most substantial year for new entries since 2021 and the highest since 2017.
Although December typically experiences a dip in new listings due to the holiday season, 2024 saw a milder decrease of 50.6% month-on-month. This decline is slightly less severe than the 53% drop observed in December 2023.
“We traditionally see new listing volumes decline in December ahead of the festive season, and 2024 was no different,” Kusher said.
The disparity between urban and regional markets was marginal in December.
While capital city listings slightly increased by 0.2% year-on-year, regional market listings saw a small decline of 0.2%. Major cities like Sydney, Melbourne, and Brisbane witnessed decreases in new listings by 2.5%, 3%, and 8.4%, respectively.
Despite the monthly fall, the total number of listings in December was up by 11.9% compared to November, and saw a year-on-year increase of 5.7%.
Notably, capital cities experienced a 6.7% rise, with Sydney, Melbourne, and Perth registering significant gains.
Kusher highlighted the sustained growth across major cities.
“Total listing volumes have now been higher year-on-year in Sydney for 15 consecutive months, in Melbourne for 17 consecutive months, in Hobart for 33 consecutive months, and Canberra for 34 consecutive months,” the REA Group leader said.
Additionally, Perth’s market has started to show signs of recovery with consecutive year-on-year gains for two months.
The increase in listings throughout 2024 has expanded buyer choices, leading to more prolonged decision-making processes and an uptick in days on market, the REA Group analysis showed.
“The strength of new listings in 2024 gave buyers far more choice than they’ve had in recent years,” Kusher said.
“The increase in properties available for sale has meant buyers have had more options and afforded them more time to make a purchase decision, which has led to an increase in days on market in recent months.”
With a broader selection for buyers, the price growth has moderated, setting expectations for continued stabilisation in the coming year.
