Property listings experienced their traditional lull during April, however, in positive news for homebuyers, they are now higher than the same time last year.
The PropTrack Listings Report April 2023, found that during the holiday-filled month of April, new listings on realestate.com.au fell 28.3 per cent compared to March.
However, the total number of properties listed for sale was still 5.6 per cent higher than 12 months ago, suggesting confidence is returning to the market for sellers.
Total listings are now higher than at the same time last year across Brisbane, Melbourne, Adelaide, Darwin, Hobart and Canberra.
PropTrack Economist and report author, Angus Moore said April was a quieter month than March across the nation’s property markets, as is usually the case due to the Easter and Anzac Day public holidays.
“Although it was a slower month of new listings, the good news for buyers is that the total number of properties available for sale has improved compared to a year ago and is up sharply in some parts of the country,” Mr Moore said.
“This is giving buyers more choice.”
According to the report, capital cities led the slowdown in April, with new listings down 29 per cent compared to the prior month.
All capital cities saw new listings decline, led by Canberra (down 37.7 per cent) and Hobart (down 34 per cent).
While both Sydney and Melbourne recorded fewer new listings this April compared to last year (down 24.9 per cent and 22.5 per cent respectively), Darwin (down 15.4 per cent) and Adelaide (down 18 per cent) recorded the smallest year-on-year declines, both still saw new listings down fairly substantially compared to a year ago.
Regional areas also felt the pinch, with new listings falling 27.2 per cent month-on-month.
Regionally, new listings were also softer compared to April 2022, down 21.4 per cent, however, the total stock of properties listed for sale has been improving in some regional areas, especially regional NSW, Victoria and Tasmania.
Mr Moore said he expected new listing volumes to remain subdued over winter.
“With the majority of the autumn selling season now behind us, we expect market activity will remain quieter over the next few months,” he said.
“This is usually the case heading into, and during, the winter period before the market picks up again for spring.
“However, market conditions have improved from late 2022.”
He said auction clearance rates had remained reasonably firm throughout autumn and had picked up compared to the second half of 2022.
“Home prices increased again in April, marking the fourth consecutive month of growth,” he said.
“While the increases have been modest, it is a change from the consistent price falls seen throughout much of 2022 when the RBA was raising interest rates very quickly.”
Mr Moore said in the medium and long-term, the fundamentals of housing demand remained strong.
“Unemployment has remained close to multi-decade lows for much of 2022 and into 2023,” he said.
“Wages growth, while running slower than inflation, has started to pick up.
“International migration has also resumed, which will further add to housing demand, while rental markets remain extremely tight across the country.”