New listings rise in some capitals but down nationally

New listings and total listings may be down at a national level, but some capital cities recorded a rise in fresh properties coming to market in June, new analysis shows.

The PropTrack Listings Report for June shows total listings dropped 2.5 per cent in June compared to may, while new listings on dropped a marginal 0.7 per cent month-on-month at a national level.

But some property markets, such as Sydney had a slightly better June than May, with 1.2 per cent more new listings, while Brisbane recorded a six per cent increase and Canberra chalked up a 4.6 per cent rise month-on-month. 

PropTrack Economist and report author Angus Moore said property market activity was marginally softer in June than May, as the autumn selling season ended and the traditionally quieter winter period got underway. 

“However, the decline in activity was somewhat smaller than is typically the case, with select markets, like Sydney, even seeing a small increase in activity,” he said.

“Even so, 2023’s trend of slower property market activity continued, with all capitals seeing fewer new listings this June than last year. 

“With demand remaining solid, we may be seeing a concentration of buyer attention on a smaller flow of new properties hitting the market.”

But despite the smaller-than-typical monthly decline, the report showed new listings in capital cities were still down 14.6 per cent compared to June 2022. 

Darwin recorded a 3.6 per cent rise in new listings in June, but is 14.4 per cent down on the same month last year.

New listings fell 1.4 per cent in Melbourne in June and are down 6.5 per cent on a year ago.

In Perth, new listings dropped 6.7 per cent in June, while in Adelaide they declined 8.2 per cent.

But it was Hobart that took the biggest hit, with new listings dropping 25.5 per cent in June compared to May.

“Activity is likely to be mildly subdued over the next couple of months during the typically quieter winter period, before activity starts to pick up again for the spring selling season, and the usual seasonal peak of activity in October and November,” Mr Moore said.

“Selling conditions have improved compared to the second half of 2022. 

“Auction clearance rates have picked up noticeably compared to late last year and remained solid throughout autumn and into the start of winter. 

“Home prices are also recovering after the downturn last year and increased in June for the sixth consecutive month.”

Mr Moore said housing fundamentals remained strong and rental markets were tight across the country, with strong demand and limited availability.

International migration has resumed, which will further add to housing demand. 

“Unemployment is still sitting close to a five-decade low and labour demand has only mildly moderated,” he said.

“Wages growth has picked up, and there are signs the peak of inflation is behind us. 

“Interest rates may also be nearing their peak, which could provide a sense of certainty to buyers and sellers.”

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Kylie Dulhunty

Kylie Dulhunty is the Editor at Elite Agent.

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