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%, bringing the total to 249,523 properties.
Listings are up by 11.1%, 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%, 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%.
Melbourne also recorded a notable monthly increase of 12.2%, with total listings climbing to 41,729. Melbourne continues to show large annual listing increases, with a 22.8% rise in properties for sale compared to August 2023.
Perth had a 10.6% monthly increase in listings, reaching 13,078 properties. However, it remains the only city with a significant yearly decrease, dropping by 21.6% from August 2023.
Canberra and Adelaide showed solid monthly growth, with increases of 10.7% and 9.1% respectively. Canberra, in particular, experienced the largest yearly increase of all major cities at 31.7%, with listings rising to 4,241 properties.
Brisbane reported a moderate monthly increase of 7.3%, bringing the total to 18,224 listings, while Hobart saw a smaller increase of 4.1%. Darwin had a relatively flat growth, with listings rising only by 0.7% monthly, but it recorded a yearly decrease of -5.8%, making it one of the few cities with a decline.
Nationally, new listings (less than 30 days) recorded an 11.8% 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% rise in new listings across the country.
Melbourne led the monthly growth, with a 25.4% increase in new listings, followed closely by Sydney, which had a 24.7% 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% increase, while Perth and Adelaide recorded increases of 10.9% and 9.5%, respectively. Brisbane recorded a modest 2.4% rise in new listings. On the contrary, Hobart and Darwin experienced declines, with Hobart down by 3.7% and Darwin by a significant 21.3%.
On an annual basis, Melbourne showed the most substantial rises, with a 20.6% increase in new listings. Sydney followed with an 18.3% rise, and Canberra recorded an 11.9% increase. Brisbane also recorded a surge, with a 13.0% increase, and Hobart saw a 6.6% rise. However, Perth and Adelaide reported annual declines of 7.7% and 3.8%, respectively, while Darwin experienced a notable yearly decrease of 28.6%.
Nationally, asking prices are increasing slightly. Houses are up by 0.3%, and units by 0.4%, with the combined change a modest 0.3%. The average asking price across all capital cities shows a 0.6% increase. Still, there was a 0.2% drop-in unit prices, balanced out by a 0.7% increase in house prices.
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