Buyers offered more choices as spring selling period approaches
Property listings across Australia’s capital cities reached record highs in July, showcasing seasonal strength as the country approaches the spring selling season.
According to the latest market insights from Domain, the surge in new listings and extended time on the market is providing buyers with increased choice and greater negotiating power.
Several cities experienced notable increases in property listings. Melbourne, Adelaide, and Canberra saw new listings hit their highest levels on record, while Sydney recorded its second-highest level. Hobart experienced its highest number of new listings since 2019, and Darwin and Perth achieved their highest levels since 2022.
The year-on-year change in new listings for all property types across the combined capitals rose by 14.9%. Canberra led the surge with a 33.9% increase, followed by Adelaide at 27.9%, and Darwin at 18.6%.
Other cities also reported significant gains, including Melbourne at 18.4%, Brisbane at 17.1%, and Perth at 13.8%. Sydney and Hobart experienced more modest increases, with listings up by 6.7% and 6.3%, respectively.
Meanwhile, the total supply of homes for sale in July reached its highest level across the combined capitals since 2022. Melbourne set a new record, while Hobart saw its highest supply since 2016, and Canberra since 2019. Sydney’s total supply reached its highest point since 2022.
In terms of days on market, there was a monthly increase for houses in Sydney, Melbourne, Perth, and Hobart. Annually, the days on market for houses extended in Sydney, Melbourne, Canberra, and Hobart, indicating a more cautious buyer environment.
“We’ve seen a steady stream of new home listings throughout autumn and winter, consistently topping the five-year average in most capital cities,” said Nicola Powell (pictured above), chief of research and economics at Domain. “Demand has held up, thanks to rising investment and first-home buyer activity, but the higher supply is definitely testing how deep buyer interest really goes.
“Sellers seem confident, and with many cities heading into the spring selling season with supply higher annually, buyers will have more options than they’ve had in years. Even with the supply rebalancing in some cities, it’s important to remember that we’re still not building enough new homes to keep up with population growth. It’s this structural undersupply that needs to be addressed.”
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