According to SQM Research, May witnessed a 5.5% increase in total housing listings nationwide, totalling 252,757 properties.
The rise marks a significant recovery from the previous month, with all major cities reporting increases.
Sydney led with an 8.4% rise, followed closely by Melbourne with a 7.6% increase, while Perth saw the smallest rise at 2.2%.
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Over the past 12 months, the total listings have risen by 11.7%. Sydney and Melbourne showed a substantial year-over-year increase in listings at 21.7% and 27.3%, respectively.
Conversely, Brisbane, Perth, and Adelaide have experienced declines, with Perth recording a notable 23.4% drop. However, Canberra and Hobart have seen significant increases in listings, with Canberra up by 35.0%.
New listings have surged by 12.4% in May, with significant year-over-year growth of 20.8% nationally. This increase is particularly strong in Sydney and Melbourne, where new listings have increased by 33.6% and 41.5%, respectively.
Old listings also increased by 6.1% in May, although there are considerable variances across different cities.
Distressed property listings decreased nationally by 2.5% in May.
However, there are significant state variations, with increases in NSW and the ACT, and declines in Victoria, Queensland, and SA.
Despite some regional increases, the overall distressed listings activity has remained subdued compared to expectations for 2024.
Louis Christopher (pictured above), managing director of SQM Research, provided an overview of the current market conditions.
“Total housing listings surged over the course of May, 2024 and are now up by 11.7% for the past 12 months,” Christopher said. “The rise can be put down to a large pick up in new listings as well as a substantial rise in older listings.
“This said, the market is simply back to more normal, historical listing levels, notwithstanding the deep shortages in Perth, Brisbane, and Adelaide.
“Asking prices also continue to rise, albeit at a moderate pace for our larger capital cities.”
Overall, he said this period seems to represent a return to normalcy for the national housing market, striking a balance that is “not too hot, nor too cold.”
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