Total stock still hits four-year high
New property listings in Australia fell sharply in November, according to the latest PropTrack Listings Report.
Volumes declined 19.7% month-on-month and were 5% lower compared to November 2023. However, when adjusted for the fewer working days in November, new listings showed an increase both monthly and annually.
The report revealed a drop in new listings across all capital city and regional markets during the month, with Perth (+12.1%) and regional Northern Territory (+6.8%) being the only areas to record annual increases. The combined capital cities experienced a slightly larger year-on-year decline (-5%) than regional areas (-4.9%).
Despite the decline in new listings, total national property listings were 5.5% higher than a year ago, reaching their highest level for any month since November 2020.
Cameron Kusher (pictured above), director of economic research at REA Group, attributed the drop in new listings to November’s shorter work calendar, but noted that overall stock levels remain elevated.
“The recent strength of new listings has also resulted in more overall stock for sale,” Kusher said. “The last time total listing volumes were this high in Sydney and Melbourne was in late 2012, while Canberra hasn’t seen this level of stock since 2007.
“The increase in properties available for sale provides buyers with more choice and creates less urgency to purchase, which has resulted in a rise in days on market over recent months. With strong new listings volumes over recent months resulting in high total stock levels, vendors may need to adjust their price expectations.”
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