Winter is typically a quieter period for the property market, particularly in Sydney and Melbourne, which experience the most activity but are also significantly influenced by seasonal changes.
However, this year, new listings on realestate.com.au in June were up nationally by 1.3% compared to the same time last year, and in the combined capital cities, there were 5% more listings to choose from.
During 2022 and early 2023, vendors were reluctant to list their properties due to rate rises increasing household financial pressures, and the drop in demand driving property prices down.
Since then, property prices have recovered, surpassing previous records, and now sellers are back out in force.
In 2024, new listing volumes have surpassed expectations, with monthly new advertised properties higher than the five-year average.
The only exception was March 2024, when an early Easter period impacted the number of new listings coming to market.
Aside from 2021 and 2022, new listings this year were the highest they have been since 2017.
All capital cities, except Perth (-5.7%), Darwin (-6.7%), and Canberra (-2.6%), saw year-on-year increases in June.
Sydney and Melbourne experienced unseasonably high year-on-year increases of 7.8% and 9.1%, respectively.
This is particularly unusual considering how seasonal both these markets are and is a positive sign that seller sentiment is higher than in recent years.
Conditions in regional areas were less positive, with only regional South Australia experiencing year-on-year growth in June.
The stronger new listings environment over the past 12 months has resulted in a 7.3% increase in the total number of properties listed for sale over the year.
Total listings in the combined capital cities were up 8%, and in regional areas, they were up 6.6%.
Canberra saw the highest year-on-year increase in total listings at 29.2%. Total listings in Melbourne were up 23% compared to the same time last year, and in Sydney, they were 16.9% higher.
With the winter market unseasonably strong in many capital cities, the outlook for the fast-approaching spring selling season is positive.
Additionally, recent tax cuts injecting capital into household finances, and a stable cash rate, could further increase demand as we move into spring.
