The Australian real estate market experienced a notable increase in homeowner listings in 2024, with new listings nationally rising by 7.9% compared to 2023.
This increase, 8.9% higher than the five-year average, indicates a rejuvenation in seller confidence, despite the backdrop of multiple interest rate hikes over the past years, PropTrack reported.
Canberra showcased the most substantial increase among the capitals, with property listings swelling by 25% over the five-year average.
Melbourne and Sydney also showed significant increases, with listings up by 22% and 18% respectively.
“These cities took longer to recover from the interest rate-driven downturn of 2022, with improved seller confidence emerging in 2024,” said Karen Dellow (pictured above), senior data analyst at REA Group.
While Adelaide observed a slight decrease in listings by 1%, it continued to see robust demand and rising property prices, pushing buyers towards more affordable options.
Conversely, Perth, Brisbane, and Adelaide exhibited resilience during the economic downturn, maintaining steady listing volumes.
Regional Victoria led with an 8% increase in new listings, while regional areas in NSW, SA, and TAS each saw a 7% growth.
Sydney regions like South West and Ryde recorded remarkable increases in listings, indicating a vibrant recovery in these areas.
The increase in listings wasn’t just a response to market conditions. Personal circumstances heavily influenced many homeowners' decisions to sell.
“Nearly four out of 10 sellers thought that now was a good time to sell because it suited their own circumstances,” Dellow said, reflecting various personal reasons such as family dynamics or lifestyle changes.
Additionally, financial motivations played a significant role, particularly in Perth.
“One in five were motivated by price, especially in areas where there has been significant growth in the past few years, particularly Perth,” Dellow said.
This trend suggests that the substantial equity accrued by homeowners provided them with opportunities to upscale or move to better neighborhoods.
According to PropTrack, the outlook for 2025 remains cautiously optimistic. With major banks forecasting a potential rate cut in February, seller and buyer activity could see a further boost.
“All four major banks are forecasting a rate cut in February, which could boost market activity in the autumn and winter months,” Dellow said.
