Listing volumes across the country have surged, providing buyers relief from previously tight stock levels.
The PropTrack Listings Report March 2022 showed total listings on realestate.com.au jumped 11 per cent nationally last month, including a whopping 37.9 per cent climb in Canberra.
Canberra has also recently seen its median house price increase above $1 million, with vendors keen to capitalise on recent gains.
Around the country, new listings surged 27.3 per cent in Febraury, to be 13.5 per cent higher than the same time last year.
Every state recorded a sharp rise in new listings, with Canberra (44 per cent), Sydney (37.3 per cent) and Melbourne (38.7 per cent) posting the largest jumps. Perth, which was still stuck behind closed borders in February, saw the smallest increase in new listings at 7.8 per cent.
Across January and February, Melbourne recorded the most new listings for the start of a year in a decade. While regional SA also saw the biggest increase in new listings on record at 42.5 per cent.
Regional buyers are now enjoying a little more choice around the country, with new listing increasing 26.5 per cent in February, however, available stock is still 40 per cent below pre-pandemic levels.
“Property markets around Australia’s capital cities had a busy February, continuing the already strong start to the year,” Mr Moore said.
“Across the capital cities, January and February saw the busiest start to a year since 2014. New listings in capital cities were up 27.8 per cent compared to January.
“This brought total stock of properties for sale up, and was the biggest monthly increase nationally since the pandemic began.”
Mr Moore said rising inventory levels would continue for now.
“As we head into the typically busier Autumn selling season, selling conditions are likely to remain strong over the next few months,” he said.
“But there are some headwinds further out.
“Measures of buyer demand remain strong but do look to be easing from the exceptional levels seen in late 2021.
“At the same time, 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.”
Mr Moore said if the Reserve Bank of Australia moved on interest rates, demand could ease.
“Interest rates look likely to rise later this year or early next year, which may start to cool buyer appetite,” he said.
“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.”
New listings in Sydney increased 37.3 per cent in February to be 13.2 per cent higher year-on-year. While regional listings increased 14.3 per cent.
Listings surged the most in Berkeley Vale, up 146 per cent year-on-year, Lidcombe (122 per cent) and Kingsford (121 per cent).
New listings spiked across Melbourne, up 38.7 per cent in February, while regional Victorian listings increased 32.1 per cent.
Thornbury saw the largest increase in new listings, up 147 per cent year-on-year, followed by Taylors Lakes (127 per cent) and Coburg North (120 per cent).
New listings in Brisbane picked up 17.4 per cent in February, while new listings in regional Queensland were up 17.7 per cent.
The biggest increase in listings came from Stafford, up 125 per cent on the year before, followed by Victoria Point (131 per cent) and Forest Lake (111 per cent).
Adelaide has been one of the hottest markets in the country and new listings increased 16.7 per cent in February.
Regional South Australian markets also saw an uptick in activity with a 42.5 per cent increase making it the largest jump on record.
Munno Para (up 110 per cent year-on-year), Magill (up 86 per cent) and Hallett Cove (up 82 per cent) saw the largest increase in new listings last month.
February continued the busy start to the year for Perth’s housing market with new listings increasing 7.8 per cent over the month. New listings in regional WA also picked up 16.7 per cent in February 2022.
The largest increase in new listings came from Midland which recorded a 190 per cent jump in new listings on the same time last year.
New listings increased 20.6 per cent in Hobart last month to be 15.4 per cent higher than at the same time in 2021. New listings in regional Tasmania surged 49 per cent, the largest monthly increase on record,
The largest increase in new listings came from Glenorchy, up 40 per cent.
Darwin’s housing market continued to pick up in 2022, with new listings up 27.2 per cent in February. In regional NT, the total stock of properties listed for sale picked up slightly but remains 10.6 per cent lower than at the same time last year.
New listings jumped 44 per cent month-on-month in Canberra, continuing an already busy start to the year.
The suburbs that saw the sharpest jump in new listings were Gungahlin (up 160 per cent), Casey (up 67 per cent) and Wanniassa (up 50 per cent).