The Australian real estate market has seen a significant increase in new listings, indicating strong seller confidence, particularly in Sydney, Melbourne, and the ACT, PropTrack reported.
“May continued the strong increase in new listings seen over 2024, with new listings in the month 18.5% higher year-on-year,” said Paul Ryan (pictured above), PropTrack senior economist.
In May, new listings rose by 6.5% over the month and 18.5% higher year-on-year.
This trend marks the highest level for new listings since the same period in 2023, with an overall increase of 12.6% in the calendar year-to-date.
Every capital city, except Hobart, showed growth in new listings, with significant year-on-year increases noted particularly in the ACT, Melbourne, and Sydney.
The combined regional markets also experienced growth, with new listings up by 7.5% over the month and 10.4% year-on-year.
However, regional WA and NT saw slight declines. Total listings across Australia increased by 2.7% over the month and 8.2% year-on-year, making May the highest month for active listings since 2020.
“New listings over 2024 to date are now 12.6% above the same period in 2023, indicating continued vendor confidence,” Ryan said.
“Although sales volumes have remained strong in 2024, the surge in new listings has seen an uptick in the total number of properties advertised for sale across the country, with the increase in total listings most evident in Sydney, Melbourne, and the ACT. But other indicators – notably continued price growth – suggest buyer demand remains strong.”
As the market moves into the typically quieter winter period, the trajectory will largely depend on sustained buyer and seller sentiment and expectations surrounding interest rates, PropTrack reported.
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