Residz Team 3 min read
We could see an uplift in real estate market activity this autumn.
A surge in February listings means more properties for buyers to get their claws into, and many will be keen to get going given record-breaking rental pressures and years of pent-up demand.
Even though property market activity is slower this year than last, PropTrack Listings Report shows new listings nationally on realestate.com.au jumped 24.8% month-on-month in February. In capital cities, listings lifted 26.6%.
While there are strong headwinds for home buyers, PropTrak says in the near-term, market activity is likely to pick up for the usually busy autumn selling season. Here we look at their latest listings report.
Hobart is open for sale
It seems Hobart is open for sale right now. Unlike the rest of the country, the number of listings in Hobart is substantially up compared with this same time in 2022. Year-on-year there are 15% more new listings, and 91.8% more listings in total compared with last year.
That means nearly twice as many properties are for sale as was the case a year ago. Of course, limited options during the pandemic were cited by PropTrak as a factor.
Regional South Australia new listings up
Regional South Australia is the only other area where there are more new listings this year (2.1% more) than at the same time last year. This area also recorded 33.4% more listings in February than in January.
Capital cities new listings offer buyers more choice
The number of Sydney listings in February was up 32.8% on January’s numbers, but nearly 19% lower than at this time last year. Melbourne was similar (up 38.2% MoM but down YoY 15.8%).
Brisbane saw 10% more new listings in February than the month before, but compared with last year new listings have fallen 12.3%.
Adelaide saw new listings jump 16.5% in February, but they’re down nearly 4% on last year. Perth was similar (18.1% up MoM but -6.7% YoY).
Canberra saw a big spike in new listings in February (47%) from the January base, but new listings are still 3% down on this time last year.
Regional new listings also picked up in Feb
In February, regional areas overall saw a 22.2% lift in new listings from January, but a 7.6% drop on this time last year.
As PropTrak says, the good news for buyers is that choice has improved, particularly in some regional markets.
Total number of properties for sale is up
The total number of properties for sale (not just new listings) on realestate.com.au in February was up strongly compared to January, and up 9.6% compared to a year ago.
“Nearly all capital cities have seen an increase in the total number of properties listed for sale compared to a year ago, with only Perth recording a decline.”
In fact, in both Sydney and Melbourne, the total number of properties listed for sale in February was around the average over the past decade.
Some suburbs see double the listings
Around the country, some suburbs have seen a substantial increase in new listings.
In NSW, Arncliffe saw an incredible increase in new listings of 142% year-on-year, Hunters Hill up 110%, Lake Munmorah and Northmead up 100% YoY, and Austral up 81%.
On the other hand, Eastwood dropped 68% YoY and Lindfield 67%.
In Victoria, new listings in Fraser Rise lifted 156% YoY, Rockbank 153%, Beveridge 92% and Botanic Ridge 80%. However, Brunswick West saw 60% fewer new listings in February YoY, Chelsea 59% fewer and Williams Landing 57% fewer.
In Qld, Park Ridge new listings rose 127% YoY, Kenmore 92%, but Runcorn was down 62%, Cannon Hill 58% and Mount Gravatt East 56%.
For SA, total number of properties for sale in Adelaide are up 7.6% compared to a year ago, and new listings in Seaton were up 120%. Mount Barker saw 83% more listings, Aldinga Beach 69% more but Munno Para West was down 40% as was Magil (-38%).
In WA, the number of properties listed for sale in Perth were near record lows in February, but City Beach and Golden Bay saw a 75% lift on new listings YoY, with North Coogee 71% and Perth 68% not far behind. Wanneroo and Marangaroo new listings were down 57% on last year.
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