The seasonal new listings slowdown hit in June, but total listings are still higher than the same time last year.
Here’s your on minute wrap on PropTrack’s June 2024 Listings Report.
The headline figure:
June is traditionally a quieter time of the year and new listings volumes slumped 15 per cent compared to May.
Each capital city and rest of state regions recorded a monthly fall in new listings last month.
The fast five:
- New listings are still up 1.3 per cent on June 2023.
- Melbourne new listings were down 20.9 per cent month-on-month but are still up 9.1 per cent on a year ago.
- Brisbane recorded the smallest drop in new listings month-on-month at 4.5 per cent, and remains 5 per cent up on June 2023.
- Canberra recorded the largest drop in new listings month-on-month at 28.3 per cent, and 2.6 per cent down on a year ago.
- Total listings were 3.5 per cent lower over the month and 7.3 per cent higher year-on-year, resulting in the highest total listing volumes for the month of June since 2020.
What else you need to know:
Darwin (down 6.7 per cent), Perth (down 5.7 per cent) and Canberra (down 2.6 per cent) were the only capital cities in which new listings in June 2024 were lower than the previous June.
PropTrack Director of Economic Research, Cameron Kusher, says:
“Outside of the COVID-impacted years of 2021 and 2022, new listings in June this year were the highest they’ve been since 2017.
“From here, the listing environment will likely depend on how demand holds up, lower taxes will increase borrowing capacities but that may be somewhat negated by expectations of interest rate cuts being pushed back much later.”
Dive deeper:
To read the report in full click here.
