Buyer demand for property continues to outstrip supply across the country, however listings are starting to increase according to new data.
The latest PropTrack Listings Report from REA Group shows that listings across Australia increased 22.5 per cent month-on-month in September.
With lockdown restrictions easing in both NSW and Victoria, sellers have once again found their confidence and many are now choosing to list their properties.
The largest jump in listings came from Melbourne as in-person inspections resumed in mid-September and listings soared 74.8 per cent.
New listings in Canberra, which also saw an easing of restrictions, jumped 42.1 per cent compared to the month prior, while Sydney listing increased 31.6 per cent.
New listings were strong across Australia as the spring selling season got underway, also rising in Brisbane (up 8.4 per cent MoM), Adelaide ( up 5.4 per cent MoM), Perth (up 3.2 per cent MoM), Hobart (up 7.3 per cent MoM), and Darwin (up 17.4 per cent MoM).
PropTrack Economist and report author, Angus Moore, said there is plenty of seller confidence coming back across the country.
“On the back of a modest easing of restrictions, the Melbourne property market well-and-truly emerged from hibernation with new listings surging to be almost three times the level recorded in September last year,” he said.
“Seller confidence was strong across the country as roadmaps out of lockdown were announced and eased restrictions came into place.
“With the impact of eased restrictions in Melbourne and Canberra only partly felt as they came into effect mid-month, we are likely to see continued benefits from these changes in October.”
Mr Moore said short supply has been most pronounced in regional areas.
“While new listings have bounced back, high levels of buyer demand and months of lockdowns in Sydney and Melbourne have kept total listings at a low level nationally,” he said.
“Available stock has been particularly low in regional areas, where total listings are nearly one-third lower than their level a year ago.
“The property shortage is being felt most in regional New South Wales where total listings are nearly 40 per cent lower than a year ago.”
Mr Moore expects robust demand to continue in the months ahead.
“Recent changes from APRA may temper demand a little; however, these changes will only affect a limited number of buyers and so the impact on demand will likely be small,” he noted.
“Challenged supply means competition will remain tight for buyers in the short term, but in positive news for sellers, we expect strong selling conditions to remain for at least the next few months.”