The number of properties for sale has increased annually resulting in less competition and more options for buyers. In some areas, new listings have increased by more than 30%.
According to the latest PropTrack data, the number of listings that came onto the market in July was well above the five year average from 2018-2023. Not only that, but new listings were 6.4% higher than the highest July figure in the past five years.
In the past 12 months, new listings volumes have also grown by 12% nationally, marking improved choice for those who are looking to buy.
The strength of the listings environment can be attributed to rising seller sentiment.
Demand from buyers has remained strong following the stabilisation of interest rates and their outlook in the next six months. This, along with the equity gained from home price growth over the past 19 months has encouraged more sellers to list their properties, hopeful that they will successfully sell and achieve a profitable outcome.
While options for buyers have risen nationwide due to a surge in new listings, there are regions that have experienced much more substantial growth in new listings.
Top 10 regions with the largest annual growth in new listings
Source: PropTrack. SA4 regions are areas defined by the Australian Bureau of Statistics as regions where people both live and work, and generally have populations between 100,000 and 500,000
New listings in the Riverina region in NSW rose by a staggering 41% since July 2023. This was the highest among all regions across the country and was more than three times the national rate of growth. For buyers in the area, it reflects a large uplift in choice.
Launceston and North East and Perth-Inner were not far behind with new listings now 38% and 31% higher than a year ago, respectively. Seller confidence has grown considerably in these regions, leading to a larger pool of properties for buyers.
New listings in the Launceston and North East region rose by almost 40% since July 2023. Picture: Getty
Options for prospective buyers also improved in Sydney – South West and South Australia – Outback. New listings were up almost a third compared to July 2023.
While the rise in listings has likely contributed to the slowdown in home price growth in recent months, we anticipate a pick up in activity as we head into the spring season.
Competition is expected to increase as more people transact in the upcoming months, but the conditions in the market will ultimately depend on the availability of listings and the level of buyer demand.
Source: realestate.com.au
