Property market records busiest start to winter in a decade

The Australian property market has started winter strongly, with new listing volumes reaching the highest June level in more than a decade.

Despite a slight drop in activity from the previous month, the PropTrack Listings Report June 2022, showed new listings climbed 8.5 per cent, year-on-year, across the country.

It was the busiest June for new listings since 2011.

Despite a 3.1 per cent month-on-month drop in new listings nationally in June, market activity was far busier than at a typical start of winter.

PropTrack Economist and report author Angus Moore said vendors were eager to capitalise on record price increases most locations had experienced over the past few years.

“Property markets around Australia had a busy start to the usually quieter winter period,” Mr Moore said.

“New listings nationally on were down 3.1 per cent month-on-month in June, reflecting the typically quieter winter period.

“Despite that, June was a strong month relative to typical conditions. 

“New listings were 8.5 per cent higher than they were at the same time last year, and it was the busiest June for new listings nationally since 2011.”

Sydney had the busiest start to winter since 2015, with new listings up 1.3 per cent compared to last year, while Melbourne’s small bump in new listings (0.5 per cent YoY) saw it reach its busiest start to winter since 2012.

Similar trends were seen across the country, with new listings up compared to the same time last year in almost all capital cities.

New listings in regional areas also picked up, rising 2.5 per cent month-on-month in June to be 12.9 per cent higher than last year.

Mr Moore said conditions were slowly starting to favour sellers after a long period of price growth.

“Though selling conditions broadly have begun to temper after a very strong spring 2021 and early 2022, fundamental drivers of demand remain strong, with unemployment low, wages growth expected to pick up over this year, and international migration now returning,” he said.

“At the same time, buyers have had more properties to choose from in recent months. 

“The wave of new supply coming to market over the first half of the year, particularly in Sydney, Melbourne, and Canberra, has lifted the stock available on market and eased how competitive conditions had been.”

Mr Moore said after growth hit multi-decade highs in 2021, home prices were falling in many cities.

“The Reserve Bank of Australia has raised interest rates significantly in the past few months and will continue to do so over the course of 2022,” he said.

“That will place greater downward pressure on prices.”

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.