New property listings rise year-on-year despite seasonal slowdown

The latest PropTrack Listings Report shows that while new property listings declined in June 2024 due to seasonal factors, they remain higher than June 2023 levels, offering more choice for buyers this winter.

Key findings:

1. New listings fell 15% month-on-month in June 2024, but were 1.3% higher than June 2023.
2. Total listings decreased 3.5% month-on-month but increased 7.3% year-on-year, reaching the highest June levels since 2020.
3. Capital cities saw stronger growth in total listings compared to regional markets.
4. Melbourne (+9.1%), Sydney (+7.8%), and Hobart (+6.5%) led capital cities in year-on-year new listing increases.
5. Only Perth (-5.7%), Darwin (-6.7%), and Canberra (-2.6%) saw year-on-year declines in new listings among capital cities.
6. Regional markets experienced a 13.8% monthly decline in new listings, with a 4.5% year-on-year decrease.
7. Canberra (+29.2%), Melbourne (+23%), and Sydney (+16.9%) saw the largest increases in total listings over the past year among capital cities.

Cameron Kusher, PropTrack Director of Economic Research, noted that June 2024 saw the highest number of new listings since 2017, excluding the COVID-impacted years of 2021 and 2022.

Kusher added that the future listing environment will likely depend on how demand holds up, with lower taxes potentially increasing borrowing capacities, but expectations of interest rate cuts being pushed back may counteract this effect.

The report highlights significant regional variations, with only regional South Australia (+8.2%) recording a rise in new listings over the year among regional markets.

This data suggests a shifting property market landscape, with increased inventory in major cities potentially offering more opportunities for buyers, while regional markets show mixed trends.