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More choice expected for home buyers

Following a lengthy period of demand far exceeding supply, home buyers can expect more choice over the coming months, with rising auction volumes and thousands of new listings across most of the country, as COVID-19 restrictions ease.

This week’s Domain Property Report showed the newly listed number of residential properties for sale on the portal increased 3.9 per cent nationally for the week ending 30 October.

Melbourne performed particularly strongly, while the previous week saw Sydney record the highest number of new listings for the whole year.

Adelaide’s new listings have been rising for the fourth consecutive week, which brings good news for buyers.

However, Perth saw a slight dip in new listings this week after three consecutive weeks of new listings increasing.

While it’s still a seller’s market, the increase in stock is expected to offer some relief for buyers, giving them more options to choose from.

New South Wales/Sydney

Sydney’s property market report indicates that there’s more stock on the market, offering buyers more choice as sellers build momentum after a slower than usual start to Spring.

Thousands of new properties on Domain came onto the market in Sydney last week, according to the report, with the volume of new listings two per cent lower than the previous week, which had the highest number of new listings for the year.

The report revealed the areas with the biggest weekly increase in views per listing, indicating strong interest from buyers. Those were:

  • Leichhardt
  • Marrickville – Sydenham – Petersham
  • Manly
  • Eastern Suburbs – North
  • North Sydney – Mosman

Auction clearance rates dropped because of higher auction volumes with clearance rates below 80 per cent last weekend for two consecutive weeks.

Victoria/Melbourne

Melbourne’s property market report indicates that there’s plenty of stock and sellers may need to temper their expectations knowing that buyers will have more choice.

New properties for sale on Domain were up 5 per cent compared to the previous week and 28 per cent more than this time last year. Strong volumes since lockdown restrictions eased, a signal that sellers are reacting confidently. 

In Victoria, the areas with the biggest weekly increase in views per listing were:

  • Bayside
  • Yarra
  • Stonnington – East
  • Port Phillip
  • Mornington Peninsula

Strong auction volumes have been rising rapidly over the past five Saturdays showcasing a positive reaction lift of onsite auction bans with last Saturday being the busiest weekend of 2021.

Queensland/Brisbane

The Brisbane property market report indicated a seller’s market with a high clearance rate, however, buyers will have a good amount of choice moving forward with rising auction volumes.

More than one thousand homes were listed for sale on Domain over the past seven days and while there was a slight drop (12 per cent) on the previous week’s figures, it comes after five consecutive weeks of rising new listings and is in line with the traditional Spring selling season.

The areas with the biggest weekly increase in views for Brisbane were:

  • Noosa Hinterland
  • Brisbane Inner – East
  • Gladstone
  • Strathpine
  • Maryborough 

The report revealed views per listings in Brisbane were up by 35 per cent this week compared to the same time last year showcasing high buyer demand and competition.

The auction clearance rate was 75 per cent last weekend, the first time since 2018 that Brisbane has had four Saturdays in a row with over 100 auctions scheduled.

South Australia/Adelaide

Adelaide’s property market report indicates that there’s a good amount of stock on the market, offering buyers more choice.

New listing volumes on Domain have been rising for four weeks in a row – bringing good news for buyers who have been battling against low supply.

This week’s volume is the highest weekly volume of new listings since early April and the third highest weekly volume this year.

Views per listing hit a high in late September but have since been dropping, illustrating that the rising supply of residential homes for sale is starting to ease conditions for buyers.

The areas with the biggest weekly increase in views per listing were:

  • Burnside
  • Unley
  • Adelaide Hills
  • Mitcham
  • Norwood – Payneham – St Peters

Last Saturday was the busiest Saturday auction day this year with 87 per cent clearance rate. In fact, it was the highest volume of auctions ever to be scheduled on a Saturday in Adelaide.

Western Australia/Perth

Perth’s property market report indicated Perth remained a seller’s market as the total supply of properties remained tight, but was starting to lift.

The number of new homes for sale coming on to the market fell in Perth this week by 1 per cent but follows three consecutive weeks of rising new listings.

The Western Australian areas with the highest viewed listings were:

  • Wheat Belt – South
  • Kimberley
  • Canning
  • Cottesloe – Claremont
  • Melville

The last two weeks have seen the highest volume of new listings since March. This is an encouraging sign for buyers who may have previously missed out on properties.

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Nicole Madigan

Nicole Madigan is Senior Journalist and Content Producer for Elite Agent.