Residential property listings for August 2024 recorded significant increases across most major cities, new research has revealed.
National data released this week by SQM Research shows that listings rose by 7.9 per cent, bringing the total to 249,523 properties.
Listings are up by 11.1 per cent, compared with the same time last year, with substantial shifts revealed across various cities.
SQM Research Managing Director Louis Christopher noted that the housing markets in Sydney and Melbourne continue to slow, driven by some caution from home buyers and uncertainty by home sellers who have become a little more negotiable in recent weeks.
“Going forward, the Spring selling season will provide a significant level of choice for buyers, particularly in Sydney and Melbourne with listings at their highest levels in some years”, Christopher added.
Sydney experienced the most significant monthly increase in August, with listings rising by 14.7 per cent, bringing the total to 33,790 residential properties for sale. This is a considerable jump from 2023 levels, marking a yearly increase of 20.2 per cent.
Melbourne also recorded a notable monthly increase of 12.2 per cent, with total listings climbing to 41,729. Melbourne continues to show large annual listing increases, with a 22.8 per cent rise in properties for sale compared to August 2023.
Perth had a 10.6 per cent monthly increase in listings, reaching 13,078 properties. However, it remains the only city with a significant yearly decrease, dropping by 21.6 per cent from August 2023.
Canberra and Adelaide showed solid monthly growth, with increases of 10.7 per cent and 9.1 per cent respectively. Canberra, in particular, experienced the largest yearly increase of all major cities at 31.7 per cent, with listings rising to 4,241 properties.
Brisbane reported a moderate monthly increase of 7.3 per cent, bringing the total to 18,224 listings, while Hobart saw a smaller increase of 4.1 per cent. Darwin had a relatively flat growth, with listings rising only by 0.7 per cent monthly, but it recorded a yearly decrease of -5.8 per cent, making it one of the few cities with a decline.
Nationally, new listings (less than 30 days) recorded an 11.8 per cent increase in August 2024, reaching 73,665 properties, up from 65,863 in July 2024. This upward trend was evident in several key markets. Compared to August 2023, there has been an 8.5 per cent rise in new listings across the country.
Melbourne led the monthly growth, with a 25.4 per cent increase in new listings, followed closely by Sydney, which had a 24.7 per cent rise. Sydney’s new listings were the highest recorded since November 2021 and were the highest levels for a month of August, ever recorded by SQM Research.
Canberra also experienced significant growth, with a 16.6 per cent increase, while Perth and Adelaide recorded increases of 10.9 per cent and 9.5 per cent, respectively. Brisbane recorded a modest 2.4 per cent rise in new listings. On the contrary, Hobart and Darwin experienced declines, with Hobart down by 3.7 per cent and Darwin by a significant 21.3 per cent.
On an annual basis, Melbourne showed the most substantial rises, with a 20.6 per cent increase in new listings. Sydney followed with an 18.3 per cent rise, and Canberra recorded an 11.9 per cent increase. Brisbane also recorded a surge, with a 13.0 per cent increase, and Hobart saw a 6.6 per cent rise. However, Perth and Adelaide reported annual declines of 7.7 per cent and 3.8 per cent, respectively, while Darwin experienced a notable yearly decrease of 28.6 per cent.
Nationally, asking prices are increasing slightly. Houses are up by 0.3 per cent, and units by 0.4 per cent, with the combined change a modest 0.3 per cent. The average asking price across all capital cities shows a 0.6 per cent increase. Still, there was a 0.2 per cent drop-in unit prices, balanced out by a 0.7 per cent increase in house prices.