Spring typically boosts property activity, but, in 2024, sellers in some cities may face challenges as demand could lag behind listings, according to CoreLogic.
Spring is usually a busy season for real estate, with a 10-year average showing an 18.2% increase in fresh listings and an 8.3% rise in sales across Australian cities.
“Spring can be a popular time for buyers, but broader market factors like interest rates will play a role,” said Eliza Owen (pictured above), CoreLogic’s head of research.
Colder regions tend to see the largest surge in spring listings, with cities like Melbourne and Sydney historically leading the way.
However, previous market downturns in 2015, 2017, and 2018 have shown that spring does not always guarantee a rise in demand, especially in capital cities.
CoreLogic’s analysis showed that supply and demand are uneven across Australia’s cities.
Perth and Adelaide are seeing stronger sales relative to new listings, while Melbourne’s market is skewed towards buyers, with 5,400 more listings than sales in recent months.
“This spring, sellers in Adelaide and Perth are likely to hold the upper hand, with stock shortages fuelling urgency,” Owen said. “However, in Melbourne and Hobart, elevated stock levels may dampen the seller's market.”
In Brisbane, Adelaide, and Perth, total stock on the market remains low, favouring sellers.
Meanwhile, Melbourne’s Sunbury and Hobart’s Brighton are seeing high stock levels and lower buyer demand. CoreLogic advises potential sellers to assess their local market conditions carefully before listing this spring.
“We anticipate rising listings, but demand may not catch up in some areas, leading to more competition for sellers,” Owen said.
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