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Sydney sees newfound confidence as new listing rates improve

The NSW Government’s pathway out of lockdown has instilled newfound confidence in Sydney residents, according to REA Group‘s newly released listings report for September 2021.

REA’s monthly report found green shoots were evident in Sydney as new listings rose 11.9 per cent month-on-month.

REA Group Director of Economic Research Cameron Kusher further examined what brought on the newfound confidence.

“While the national property market slowed in August with a number of states in lockdown, announcements from the NSW Government about a pathway out of lockdown, coupled with the ongoing ability to conduct one-on-one inspections, instilled confidence in Sydney sellers,” he said.

“While lockdowns have impacted the preparedness of vendors to list, buyer demand has not been dampened. Inquiry to agents on realestate.com.au hit an historic high in August, so too did the number of views per listing.

“With ongoing high levels of buyer demand and sellers delaying listing through lockdown, we anticipate new listings will rise quickly as restrictions ease.

“Strong selling conditions for Spring are expected in other markets around Australia. This was the case in Adelaide, where new listings jumped by 37.3 per cent in August following a snap lockdown in July.”

The PropTrack Listings Report September 2021 showed Hobart and Perth also had new listings rise month-on-month, at 22.4 per cent and 7.2 per cent respectively.

“It appears unlikely demand and supply will return to equilibrium in the short-term, which is likely to lead to further increases in property prices,” Mr Kusher said.

Meanwhile, locked down sellers in Melbourne saw new listings decline 27.1 per cent month-on-month in August.

Canberra also saw a significant decline in new listings with a fall of 35.1 per cent.

Brisbane and Darwin saw a decline of 4.9 per cent and 1.5 per cent month-on-month respectively.

These regions pressed pause on their sales campaigns, leading to a 2.3 per cent month-on-month fall nationally in August.

Although national new listings were down, they remained 17.1 per cent higher year-on-year.

Total listings on realestate.com.au fell 3.8 per cent nationally, month-on-month in August to reach a new historic low. Older stock may continue to catch buyers’ attention until lockdowns end and there’s an uptick in new stock.

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