The Sydney property market continues to experience a surge in new listings, with a year-on-year increase of 21.3%, according to data from REA Group’s PropTrack listings report for September. This indicates that the annual Spring residential property carnival is going to be busier than usual, with Sydney, Melbourne, and Canberra driving the acceleration in new listings. On the other hand, Perth witnessed a decline of 12.8% in new listings, making it the capital city with the biggest drop. Darwin and Brisbane also experienced a decrease in new listings over the past year.
Australia’s combined capital cities recorded a 5.9% increase in new listings compared to September of the previous year. Regional areas also saw a 2.3% rise in new listings over the same 12-month period. Although there was a monthly fall of 7.1% in September, the overall upward trend in new listings suggests improved seller sentiment and a recovering property market.
PropTrack economist Anne Flaherty explains that the decline in new listings from August to September can be attributed to factors such as school holidays and long weekends. However, the increase in year-on-year new listings indicates a positive shift in seller sentiment, driven by the stabilization of interest rates since July. Flaherty emphasizes that the property market outlook remains strong due to the predicted peak in interest rates and the increasing demand for housing driven by Australia’s growing population.
Sources: REA Group PropTrack listings report
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