Buyers have seen increased choice for four consecutive months
Australia’s property market experienced a notable uptick in new listings during July, with national volumes rising by 8.4% compared to the previous month and 12% year-on-year, according to the latest PropTrack Listings Report.
All capital cities recorded higher new listing volumes in July 2023 compared to the same month last year, with Adelaide seeing the largest increase at 17.4%, followed by Canberra at 16.2% and Brisbane at 16.1%.
However, not all markets saw growth. Darwin (-5.3%), regional South Australia (-9.2%), and regional Northern Territory (-1.5%) experienced declines in new listings over the month.
Among non-capital city regions, regional Tasmania led the growth with a 26.1% increase in annual listings, followed by regional Western Australia (+12.7%) and regional New South Wales (+8.2%).
Total property listings across Australia were up 1.6% month-over-month and 8.3% year-on-year, marking the largest annual increase since August 2022.
Canberra (+33.7%), Melbourne (+21.7%), and Sydney (+17.4%) posted the most significant increases in total listings over the past year among capital cities. In contrast, Perth (-20.2%), Adelaide (-6.9%), and Darwin (-2.4%) were the only capitals to report a decline.
“For four consecutive months, buyers have enjoyed more choice than they had a year ago, with new listings up again in July,” said Cameron Kusher (pictured above), director of economic research at PropTrack. “New listings in Sydney and Melbourne have largely increased each month for the past year, compared to the year earlier. Meanwhile, other major capital cities have only seen an annual increase over the past four months.”
“The stronger new listings environment has resulted in more choice for buyers with total properties advertised for sale up 8.3% in July from a year earlier.
“While the strong volume of new listings and total properties for sale is an indicator of seller confidence, it is also likely a key contributor to slowing home price growth.”
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