Prospective Australian homebuyers are likely to have more properties to choose from as the market booms earlier than the usual spring peak.
The number of new listings on realestate.com.au jumped by 9.9 per cent in August from July, according to a report compiled for the property website.
The report from real estate appraiser PropTrack, released on Thursday, found Australia’s property market was experiencing another uptick after going through its busiest winter for new listings in five years.
Every capital city had more listings in August than in July.
The stock of available regional properties listed for sale remains low, but has improved in most states, with new listings picking up 7.9 per cent overall in the month to August.
Australia wide, the number of properties listed for sale leapt by 20 per cent in August, compared with the same month in 2021, although this was a period when Sydney, Melbourne and Canberra were all in lockdown.
See how your state or territory fared below …
NSW
In Sydney, the number of new listings increased by 16.1 per cent in August from July.
The amount of new listings increased by 22.9 per cent compared with August 2021.
In regional NSW, new listings increased by 12.7 per cent in August from July and 25.4 per cent compared with August last year.
ACT
In Canberra and the rest of the capital territory, the number of new listings increased by 6.2 per cent in August from July.
The amount of new listings increased by 57.3 per cent compared with August 2021.
NORTHERN TERRITORY
In Darwin, the number of new listings increased by 8.1 per cent in August from July.
The amount of new listings increased by 10.9 per cent compared with August 2021.
In regional NT, new listings increased by 45.1 per cent in August from July and 48 per cent compared with August last year.
VICTORIA
In Melbourne, the number of new listings increased by 13 per cent in August from July.
The amount of new listings increased by 64.4 per cent compared with August 2021.
In regional Victoria, new listings increased by 6.3 per cent in August from July and 13.6 per cent compared with August last year.
TASMANIA
In Hobart, the number of new listings increased by 17.2 per cent in August from July.
The amount of new listings increased by 21 per cent compared with August 2021.
In regional Tasmania, new listings decreased by 1.3 per cent in August from July but increased by 10.2 per cent compared with August last year.
SOUTH AUSTRALIA
In Adelaide, the number of new listings increased by 8 per cent in August from July.
The amount of new listings decreased by 0.1 per cent compared with August 2021.
In regional SA,new listings increased by 7.3 per cent in August from July but decreased by 5.6 per cent compared with August last year.
WESTERN AUSTRALIA
In Perth, the number of new listings increased by 7.1 per cent in August from July.
The amount of new listings increased by 0.8 per cent compared with August 2021.
In regional WA, new listings increased by 4 per cent in August from July and 13.9 per cent compared with August last year.
QUEENSLAND
In Brisbane, the number of new listings increased by 7.1 per cent in August from July.
The amount of new listings increased by 17.4 per cent compared with August 2021.
In regional Queensland, new listings increased by 6.7 per cent in August from July and 4.4 per cent compared with August last year.
PropTrack Economist and report author Angus Moore said despite the August surge in properties on the market, selling conditions had cooled from earlier in the year.
“Measures of buyer demand have moderated, it is taking longer to sell homes, and auction clearance rates have fallen,” he said.
“The wave of new supply coming to market over the first half of the year, coupled with longer sales times, has lifted the stock available on the market and helped make conditions a bit less competitive for buyers.
Mr Moore said Sydney, Melbourne and Canberra all had levels of total stock available for sale around or above their prior decade average.
“And even in Brisbane and Adelaide, where choice has been limited for some time, there are signs that conditions are improving,” he said.
Mr Moore said the Reserve Bank of Australia’s intention to continue raising rates until the end of the year would place greater downward pressure on house prices in the short-term.
The central bank has raised interest rates at a brisk clip, with a fifth consecutive interest rate rise in September taking the cash rate up by more than two percentage points in less than six months.
Lenders have been quick to follow suit and lift mortgage rates, which has led to pain for existing borrowers and prompted some hopeful buyers to pull back.
While the nation’s housing affordability crisis is far from over, home prices have declined in most cities in recent months after soaring to multi-decade highs last year.
The average price of a home in Australia – including houses, apartments and townhouses – was $921,500 in the June quarter of this year, according to Australian Bureau of Statistics data released on Wednesday.
And the appetite for houses remained strong in August, with Mr Moore saying low unemployment and the potential for wages growth was combining to fuel demand.
“With that in mind, we’d expect to see activity pick up over the next few months as we head into the typically seasonally busy spring season,” he said.
Overall, the amount of properties listed for sale on realestate.com.au has been on a downward trend for the past decade.
Article source: www.goldcoastbulletin.com.au
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