New property listings dip in March following record-breaking February

New property listings across Australia fell 13.6% in March compared to the previous month and were down 8.8% year-on-year, according to the latest PropTrack Listings Report.

Anne Flaherty, PropTrack Economist, attributed the slower month to the timing of Easter this year, with the long weekend falling in March instead of April, kick-starting the pre-Easter selling period earlier than usual.

“Following the busiest start to the year in over a decade, new for sale listings fell in March as an early Easter brought forward the slowdown in selling activity typically seen in April,” Ms Flaherty said.

Across the combined capital cities, new listings were down 8.5% year-on-year, with fewer new listings seen in every city except Sydney. Regional areas also experienced a slowdown in selling activity, with fewer new listings seen in all regional markets over both the month and the year.

Despite the decline in new listings, total listings were 2% higher compared to 12 months prior, due to the surge in new listings seen in the back half of February. Canberra, Melbourne, and Sydney saw the largest rise in total listings, offering buyers more choice compared to the previous year.

“Despite fewer properties being brought to market in March compared to 12 months ago, total listings remained up year-on-year as a result of the surge in listings seen in February. Despite the total number of properties listed for sale being higher overall, the median time taken for a home to sell was lower in all states over the month, reflecting strong buyer demand,” Ms Flaherty explained.

The report also noted that buyer demand has been supported by a more stable interest rate environment, expectations of a potential rate decline before the end of the year, and record population growth of 659,800 over the 12 months to September 2023.

While total listings were up in most regional areas compared to the same time last year, regional Queensland and regional Western Australia saw listings decline. Regional Victoria experienced the strongest year-on-year growth in total listings at 26.8%, followed by regional Northern Territory (24.5%) and regional Tasmania (21.8%).