Moving into the quieter time of the year, new listing volumes were 15% lower in June than in May.
Every capital city and regional area experienced a monthly decline in new listings. However, compared to June 2023, new listings were 1.3% higher.
“Although the number of new listings were lower over the month in the seasonally quieter June, new listings remained higher than in June last year,” said Cameron Kusher (pictured above), PropTrack director of economic research.
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While new listings were lower monthly, among the capital cities only Perth (-5.7%), Darwin (-6.7%), and Canberra (-2.6%) recorded a fall over the year.
In contrast, regional areas showed varied results, with only regional South Australia (+8.2%) seeing an annual increase in new listings.
“Outside of the COVID-impacted years of 2021 and 2022, new listings in June this year were the highest they’ve been since 2017,” Kusher said.
Total listings were 3.5% lower over the month but 7.3% higher year-on-year, marking the highest total listing volumes for June since 2020.
Canberra (+29.2%), Melbourne (+23%), and Sydney (+16.9%) saw the largest year-over-year increases in total listings among capital cities, while Perth (-23.3%), Adelaide (-11.9%), and Darwin (-3.5%) experienced the largest falls.
“The stronger new listing environment over the past 12 months has resulted in an increase in the total number of properties listed for sale, which is 7.3% higher over the year,” Kusher said.
“Although total listing volumes are higher nationally, the increase has been stronger in capital cities than regional markets with Sydney and Melbourne the main contributors to the increase in total listings.”
From here, the listing environment will likely depend on how demand holds up. Lower taxes might increase borrowing capacities, but this could be offset by expectations of interest rate cuts being delayed, PropTrack reported.
Access the PropTrack report here. To compare with the previous month’s results, click here.
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