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Fewer workdays in November drove a decline in new listings over the month, but total listings levels have soared to highs not seen in several years.
PropTrack’s Listings Report for November 2024 has revealed national new listings across the nation decreased by 19.7 per cent over November to register 5 per cent below levels in November 2023.
The property data company highlighted that each capital city and rest of state area recorded a decline in new listings over the month, with new listings volumes compared to last year only increasing in Perth (+12.1 per cent) and the regional Northern Territory (+6.8 per cent).
Across the capital cities, the markets that recorded the biggest decline in new listings over the last year were Sydney (-11.7 per cent), Canberra (-10 per cent) and Melbourne (-8.3 per cent), with PropTrack noting that these cities also recorded the biggest lift in new listings over recent months.
Director of economic research at REA Group, Cameron Kusher, attributed the reduction in new listing volumes in November to “fewer workdays in the month”, and said that adjusting for workdays shows that listings were “higher year-on-year and month-on-month”.
“Despite the decline, the amount of stock coming to market remains at an elevated level historically,” Kusher explained.
The director noted that “the recent strength of new listings has also resulted in more overall stock for sale, with total listings, albeit lower over the month, sitting at levels not seen since November 2020”.
Currently, the number of total listings for the month registers as 5.5 per cent higher than one year prior.
Although the report’s findings showed that total listings were 6.5 per cent higher over the year across the combined capital cities, volumes were notably lower year-on-year in Adelaide (-5.2 per cent) and Darwin (-21.9 per cent), and only slightly higher in Perth where volumes rose by just 1.1 per cent.
Across the capital city markets, Canberra reported the biggest increase to total listings (+17.6 per cent) over the year, with total listing volumes in Sydney and Melbourne increasing by 12.4 per cent and 9.5 per cent respectively to levels not seen since November 2012.
“The last time total listing volumes were as high as they currently are in Sydney and Melbourne was in late-2012, while total stock for sale hasn’t been this high in Canberra since 2007,” Kusher said.
Reflecting on these findings, the director said that “the increase in properties available for sale provides buyers with more choice and creates less urgency to purchase, which has resulted in a rise in days on market over recent months”.
“With strong new listings volumes over recent months resulting in high total stock levels, vendors may need to adjust their price expectations,” Kusher said.
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