Despite the cooler winter months, new listings remain well above the five-year average, according to new insights from CoreLogic.
CoreLogic tracked 38,258 newly advertised properties over the past four weeks, almost 18% more than last year.
Tim Lawless (pictured above), executive research director of CoreLogic's Asia–Pacific research division, attributed the above-average level of vendor activity to a combination of factors.
Lawless suggested the previous lack of listings during the early rate hike phase played a role. Rising financial pressures and high interest rates motivated more homeowners to sell. Lawless also noted some homeowners were de-risking by cashing out after significant property value growth.
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Almost every capital city and regional area saw an increase in vendor activity compared to a year ago, except for Hobart (-2.4%), where stock levels have been high for several years and values have significantly declined since peaking in March 2022.
Melbourne (+34.8% on a year ago) and Regional Victoria (+39.4%) experienced the largest jump in vendor activity, driven by high property taxes and financial stress.
“Most regions are showing enough buyer demand to absorb the higher-than-average flow of listings,” Lawless said in a media release.
However, overall listings are 3% lower than a year ago. Elevated stock levels are seen in Melbourne (+9.6%), Hobart (+39.3%), and Regional Victoria (+29.7%), while listings are extremely low in Western Australia, South Australia, and Queensland, where total listings are more than 34% below the previous five-year average.
Areas of Victoria dominated the top regions with the highest increase in listings.
Ballarat recorded the most significant lift, with stock levels 31.6% higher than a year ago. Outside Victoria and Tasmania, Sydney’s Rouse Hill-McGraths Hill and NSW's Snowy Mountains saw notable increases.
Rural areas in Queensland, South Australia, and Western Australia showed the most significant drops in listings. These areas, which saw high listings pre-pandemic, are now experiencing stabilising or lower listings due to sustained demand, CoreLogic reported.
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