Property listings have surged during the past 12 months, reaching a four-year high as buyer confidence returns to most Australian markets.
According to data from PropTrack, new listings in May were 6.5 per cent higher than the previous month and 18.5 per cent up year-on-year.
PropTrack said that after the seasonal impact of an earlier Easter this year, new listings in May “displayed the strength seen earlier in the year” to be 12.6 per cent higher over the calendar year-to-date compared with the same period in 2023.
Across the capitals, new listings were higher year-on-year in every capital except Hobart.
The number of new listings was 7.5 per cent higher over the month in the combined regional markets and 10.4 per cent higher year-on-year, with only regional WA (-0.3 per cent) and regional NT (-16.3 per cent) recording a year-on-year decline.
Total listings were 2.7 per cent higher over the month and 8.2 per cent higher year-on-year, making it the highest May for active listings since 2020.
The ACT (up 32.4 per cent), Melbourne (up 24.7 per cent) and Sydney (up 17.7 per cent) have had the biggest increase in total listings during the past year among capital cities, while Perth (-23.4 per cent), Adelaide (-8.7 per cent) and Brisbane (-3.4 per cent) have recorded falls.
PropTrack Listings May 2024
“Although sales volumes have remained strong in 2024, the surge in new listings has seen an uptick in the total number of properties advertised for sale across the country, with the increase in total listings most evident in Sydney, Melbourne and the ACT,” PropTrack said.
“But other indicators—notably continued price growth—suggest buyer demand remains strong.
“New listing activity has been strong following Easter this year, but as we now move into the typically quieter winter period of the year, the outlook will depend on continued strong buyer and seller sentiment, as well as expectations for interest rates.”
