New listing numbers have recovered from their traditional summer dip, though they remain lower than 2022 levels, according to a new report from PropTrack.
Listings on realestate.com.au increased 49.8 per cent month-on-month in January following a typically quiet December, though they were down 9.4 per cent on January 2022’s figures.
The recovery in new listings was most pronounced in capital city areas, PropTrack Economist and report author, Angus Moore said.
“New listings in capital cities were up almost 93 per cent month-on-month in January, as vendors returned to the market after a typically quiet December,” he said.
“While a large increase, it reflects just how quiet the end-of-year break was.”
An unusually strong selling season at the end of 2021 that extended into early 2022 meant it was always a difficult ask for 2023 to reach the same level, Mr Moore said.
“Despite the increase, new listings were still below 2022’s strong levels,” he said.
“Conditions and activity slowed in the back half of 2022 following an extremely busy spring in 2021 which extended into early 2022.
“Activity in the nation’s property markets resumed in January after the usual end-of-year break put a pause on selling campaigns.”
Sydney recorded the largest increase in listings of the capital cities, up 158.7 per cent on December.
This was followed by Melbourne (up 100.5 per cent), Adelaide (84.9 per cent), Brisbane (80 per cent), Hobart (69.5 per cent) and Perth (45.9 per cent).
Despite the January uptick, almost all capitals remained down on January 2022 figures, with the exception of Hobart, where listings were up 24.6 per cent compared to January 2022.
Signs of regional market slowing
While new listings in the regions were down 4.4 per cent on January 2022 levels, the number of total listings on the market had ballooned in the past 12 months, PropTrack found.
The total number of properties listed for sale in the regions grew 15.8 per cent year-on-year – the largest annual increase in at least a decade.
It comes as separate figures from CoreLogic show high-end regional areas leading the property downturn outside of the capital cities, with the time it takes to sell a property there increasing.
Richmond-Tweed’s house market was the hardest hit.
House values there fell 18.6 per cent in the year to January according to CoreLogic, with sales volumes down 36.1 per cent (in the year to November) and houses sitting on the market for 71 days.
Vendor discounting hit 8.3 per cent during the same period.
The results were unsurprising, CoreLogic’s Head of Research, Eliza Owen said.
“It is unsurprising the Richmond-Tweed region recorded the strongest decline in house values and a sharp increase in other important metrics,” Ms Owen said.
“This was the region where values skyrocketed, with houses increasing more than 50 per cent during Covid, taking the median house value to more than $1.1 million.”
“Since then much has changed with borders reopening, outbound travel returning, workers returning to the office not to mention the overlay of nine rate rises.
“It’s been a swift and significant shift.”
