Seller sentiment buoyed as new listings rise

The trajectory of 2024 appears to be taking a different path to 2023, with new listings rising 12.6 per cent over the calendar year to date compared to the same period last year.

Every capital except Hobart experienced increases in homes coming to the market. In the regions, the number of new listings rose 7.5 per cent over the month, putting it 10.4 per cent higher that last May’s figures, with only regional Western Australia and regional Northern Territory experiencing declines.

It was a similar story for the number of total listings, with the national number of properties advertised on realestate.com.au up 2.7 per cent over the month and 8.2 per cent higher year-on-year. Subsequently, May 2024 ranks as the highest May for active listings since 2020.

Looking at the capitals, the ACT experienced the largest increase in total listings at 32.4 per cent. Melbourne came in second at 24.7 per cent, while Sydney followed at 17.7 per cent. Perth, meanwhile, was down 23.4 per cent, Adelaide fell 8.7 per cent and Brisbane experienced a 3.4 per cent dip.

PropTrack senior economist and author of the report, Paul Ryan, suggested that even with total listings rising, seller confidence is being met by a strong level of demand on the part of buyers.

“Although sales volumes have remained strong in 2024, the surge in new listings has seen an uptick in the total number of properties advertised for sale across the country, with the increase in total listings most evident in Sydney, Melbourne and the ACT. But other indicators – notably continued price growth – suggest buyer demand remains strong.”

He noted that the country is moving into a slower season for sales, and that several factors will determine whether listings activity remains elevated or drops to more average levels.

“New listing activity has been strong following Easter this year, but as we now move into the typically quieter winter period of the year, the outlook will depend on continued strong buyer and seller sentiment, as well as expectations for interest rates,” Ryan said.