Excluding COVID-impacted years, new listings this year were the highest in June since 2017
New listings in the housing market have increased year-on-year despite a seasonal slowdown, according to the latest PropTrack Listings Report.
Compared to the previous month, June 2024 saw new listing volumes down 15%, marking the transition into a quieter season. Every capital city and regional area reported a monthly decrease in new listings in June.
However, new listings were 1.3% higher compared to June 2023. Among capital cities, only Perth (-5.7%), Darwin (-6.7%), and Canberra (-2.6%) saw a year-on-year decline in new listings. In regional markets, only South Australia (+8.2%) experienced an increase in new listings over the year.
Total listings dropped by 3.5% over the month but rose 7.3% year-on-year, reaching the highest total for June since 2020.
Among capital cities, Canberra (+29.2%), Melbourne (+23%), and Sydney (+16.9%) recorded the most significant increases in total listings over the past year. Perth (-23.3%), Adelaide (-11.9%), and Darwin (-3.5%) had the largest decreases.
“Although the number of new listings were lower over the month in the seasonally quieter June, new listings remained higher than in June last year,” said Cameron Kusher (pictured above), director of economic research at PropTrack. “Outside of the COVID-impacted years of 2021 and 2022, new listings in June this year were the highest they’ve been since 2017.”
Kusher added that the stronger new listing environment over the past 12 months led to a 7.3% annual increase in total properties listed for sale. He highlighted that while total listing volumes are higher nationally, the rise has been more significant in capital cities, with Sydney and Melbourne being the primary contributors.
“From here, the listing environment will likely depend on how demand holds up, lower taxes will increase borrowing capacities but that may be somewhat negated by expectations of interest rate cuts being pushed back much later,” Kusher said.
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