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February saw a clear surge in new property sales listings across Australian markets, with a 16.6 per cent national increase in new listings compared to this time last year.
The activity was particularly pronounced in capital cities with a busier-than-average month. In fact, it was the highest number of new listings to appear in February since February 2012. While the extra leap year day can be credited for pushing numbers up slightly, it’s still a significant uptick, with the capitals recording 32.4 per cent more activity in new listings over last year.
While regional areas experienced a slightly subdued atmosphere, the pace nonetheless remained steady, aligning with typical February trends over the past decade. Nevertheless, there was a 7.8 per cent uptick in new listings year on year.
Across Australia, the total number of properties listed for sale also experienced a notable uptick in February. Compared to January, total property listings were up 12.3 per cent across the nation, with all markets recording increases.
Notably, in Sydney, Melbourne, Canberra, and Hobart, the total number of properties listed for sale surpassed the averages of the previous decade, whereas in Brisbane, Perth, and Adelaide, listings were approximately 40 per cent below the decade average.
PropTrack senior economist and the report’s author Angus Moore explained some of the economic factors that led to this brisk start to 2024.
“Supporting this busier start to the year – more so than we were seeing in spring 2022 and early 2023 – was strong demand, unemployment that remained low by historical standards, strong population growth, tight rental market conditions, and a more stable outlook for interest rates,” he stated.
The ensuing months could very well keep up the pace, given the growing confidence that interest rates might have hit their peak, as Moore explained.
“Markets are no longer expecting a further increase in interest rates, with an expectation of cuts as soon as the second half of this year. This is driven by the fact inflation appears to be coming under control sooner than the RBA had initially anticipated: over 2023, inflation was 4.1 per cent compared to the RBA’s expectation of 4.5 per cent. The RBA is now expecting inflation will be close to their target by the end of this year,” he said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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