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Across the nation, home owners who have been waiting to sell evidently decided spring 2024 is the time to move.
According to PropTrack, analysis of new listings on realestate.com.au during the month of September revealed that volumes in September 2024 were 2.8 per cent higher over the month and 10.1 per cent higher year-on-year. This makes it the most active September for new listings since the same month in 2015.
The surge in activity puts the month on par with the February of this year – typically the high point for listings as new properties enter the market after the holiday lull.
September’s results also serve to cement the trend of higher new listings from a long-term perspective, with volumes recording year-on-year increases in 12 of the past 14 months.
The activity was largely driven by the capital cities, which experienced a 13.7 per cent surge in new activity, but helped by the regions, where new listings increased by 4.4 per cent year-on-year.
In the capital markets, this September ranked strongest for new listing activity since the same month in 2015, while regionally it was the strongest September since 2017.
Canberra recorded its highest September for new listings since 2004, while in Brisbane the month did not perform so well since 2018.
From the perspective of total listings, which included those that were not newly posted during the month of September, national volumes were still elevated at 2.1 per cent higher over the month, 6.5 per cent higher year-on-year and the highest they have been since last November.
According to Cameron Kusher, PropTrack’s director of economic research, new listings have been on the rise in Sydney, Melbourne, Hobart and Canberra for more than a year, with the remaining capitals following suit in recent months.
“New listing volumes have now been higher year-on-year in Sydney for 15 consecutive months, in Melbourne and Brisbane for six consecutive months, and in Adelaide and Perth for five out of the past six months,” he said.
Kusher noted that while listings have surged, buyer activity has not necessarily risen by the same ratio, contributing to a shift in dynamics.
“The strength in new listings and the rising volume of total listings is affording buyers more time in their purchasing journey and contributing to the slowing of price growth,” he said.
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