Spring property market shows varied conditions across Australia

The Australian spring property market is expected to see diverse conditions across different cities, according to new analysis from CoreLogic.

CoreLogic’s Head of Research Australia, Eliza Owen, said spring typically brings an uplift in real estate activity as warmer weather arrives.

“Spring can be a popular time for both sellers and buyers alike as the chill of winter recedes and blooming gardens show properties at their best – with the added benefit of transactions settling before the holiday season,” Owen said.

Over the past decade, CoreLogic data shows an average 18.2% increase in new property listings and 8.3% rise in sales during spring compared to winter across Australia.

However, Owen noted broader economic factors could temper the usual spring boost this year.

“Looking at spring of 2024, it is possible we could see demand come under pressure from a continuation of high interest rates, slowing economic conditions and low consumer sentiment,” she said.

The analysis revealed significant variations between capital cities heading into spring.

Perth and Adelaide sellers appear well-positioned, with sales outpacing new listings in recent months. Perth’s median selling time was just 10 days in the three months to July.

In contrast, Melbourne had 5,400 more new listings than sales over the past three months, suggesting more challenging conditions for sellers.

“CoreLogic analysis indicates that sellers will have an advantage this spring in Adelaide and Perth, and some of the more affordable markets of Brisbane, such as Beaudesert,” Owen said.

“But for some sellers in Melbourne, Hobart and Sydney, spring does not necessarily mean it is a good time to sell.”

The Melbourne suburb of Sunbury and Hobart’s Brighton area showed particularly high levels of housing stock compared to historic averages.

Owen advised prospective vendors to carefully assess their local market conditions.

“Prospective vendors should asses the state of their local market, as they may find there is more competition for sellers in the months ahead,” she said.

The research also found total national home sales in the three months to July (124,500) slightly outpaced new listings (123,000), indicating demand is still marginally ahead of supply overall.

Owen said rising stock levels through spring could signal a slowing of Australia’s property market upswing.

“If we do see advertised stock levels rising though spring, it’s a good sign that we may see some further momentum leave the upswing in the Australian dwelling market,” she said.