Listings of new homes have again declined as the winter lull stretches on, but it hasn’t been enough to stop them topping last year’s figure.
According to the June report from PropTrack, new listing volumes nationally were down 15 per cent in June, but 1.3 per cent higher annually as the market entered into the seasonally quieter time of year.
New listings dropped in each capital city and rest of state region month-on-month but combined capitals were up 5 per cent year-on-year. Regional areas had a 4.5 per cent annual fall.
New listings grew in each capital year-on-year in June except for Perth (-5.7 per cent), Darwin (-6.7 per cent) and Canberra (-2.6 per cent).
Regional SA (8.2 per cent) was the only rest of state market to record an increase in new listings annually.
While national total listings declined by 3.5 per cent in June, they were 7.3 per cent above June 2023 levels, marking the highest total listing volume for that month since 2020.
Canberra (29.2 per cent), Melbourne (23 per cent) and Sydney (16.9 per cent) drove the growth of total listings across the capitals, while Perth (-23.3 per cent), Adelaide (-11.9 per cent) and Darwin (-3.5 per cent) had the greatest falls.
PropTrack listings June 2024
PropTrack director of economic research Cameron Kusher said that outside the Covid-affected years of 2021 and 2022, new listings in June this year were the highest they’ve been since 2017.
“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 per cent 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 will increase borrowing capacities but that may be somewhat negated by expectations of interest rate cuts being pushed back much later.”
