Property listings post busiest January and February since 2014
New property listings hit an eight-year high at the beginning of the year, experiencing the busiest January and February since 2014, according to new data from PropTrack.
The number of new listings on Realestate.com.au rose by 27.3% month over month in February, The Australian reported. PropTrack economist Angus Moore told the publication that sales are expected to remain strong through the early months of the year, but said a slowdown was coming.
Buyer demand has dropped from the peaks of last year, spurring a slowdown in price growth nationally. Buyers are also wary of a likely rise in interest rates, The Australian reported.
“As we head into the typically busier autumn selling season, selling conditions are likely to remain strong over the next few months. But there are some headwinds further out,” Moore said. “The record levels of new supply coming to market in the final months of the year and the busy start to 2022 has helped give buyers more choice and ease how competitive the market has been. Interest rates look likely to rise later this year or early next year, which may start to cool buyer appetite. These factors mean that, while selling conditions look set to remain strong, we are likely to see some tempering from the dominant levels experienced in late 2021.”
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The total number of properties available on Realestate.com.au also rose 11.3% month over month in February – the largest increase nationally since the pandemic began, according to The Australian.
Nearly all capital cities posted double-digit growth in new listings. Canberra saw the largest rise at 44%, followed by Melbourne (38.7%), Sydney (37.3%), Darwin (27.2%), Hobart (20.6%), Brisbane (17.4%) and Adelaide (16.7%). Perth posted slower growth at 7.8%.
Buyers also saw more choice in regional Australia, with new listings up by 26.5% month on month in February, The Australian reported.
