This article is from the Australian Property Journal archive
LISTINGS fell again in Brisbane, Adelaide and Perth in March, according to PropTrack, as conditions in the trio remain conducive for further house price growth.
PropTrack’s Listings Report showed the earlier fall of Easter softened sales activity in March, with new listings nationally down 13.6% over the month and 8.8% year-on-year.
Despite fewer properties being brought to market in March compared to 12 months ago, total listings remained 2% higher year-on-year as a result of the surge in listings seen in February.
However, despite the total number of properties listed for sale being higher overall, the median time taken for a home to sell was lower in all states over the month, reflecting strong buyer demand, said Anne Flaherty, PropTrack economist.
“Buyer demand has been buoyed by a more stable interest rate environment and the expectation that rates have hit their peak and may even decline before the end of the year,” she said, adding that population growth has also boosted demand, having reached a record 659,800 over the 12 months to September.
While new listings were lower in both Sydney and Melbourne over the month, total listings held steady in March and were well up compared to 12 months ago. Buyers in both cities benefited from more choice compared to the same month last year, with total listings up 12.8% in Melbourne and 8.8% in Sydney.
In contrast, the total number of homes listed for sale was lower in Brisbane, Adelaide, and Perth compared to 12 months ago. A low supply of properties has contributed to these three markets outperforming the other capital cities for median price growth over the past 12 months, including in March, according to CoreLogic.
A report released this week by Canstar and Hotspotting had Brisbane, Adelaide and Perth in the top four out of 14 capital cities and regional locations for price growth potential.
PropTrack data showed Perth has seen the largest year-on-year decline in total listings of any market, with 28.5% fewer properties for sale in March compared to the same time last year. While new listings in Perth were down over the month, buyer demand continues to exceed supply. In March, the median time taken for a home to sell in Perth fell to the lowest level seen since early 2022, before interest rates started rising.
Numbers in the regional markets for March were mixed. The total number of homes for sale was well up in the majority of regional areas compared to the same time last year, although regional Queensland and regional Western Australia saw listings decline.
Regional Victoria has seen the strongest year-on- year growth in total listings, with the number of homes for sale up 26.8%. Regional Northern Territory and regional Tasmania followed, with total listings up 24.5% and 21.8% respectively over the year.
