National property listings fell 4.1% in June to 248,249 dwellings, a typical seasonal pullback as winter begins, according to the latest SQM Research data.
Despite the monthly dip, total stock remains 6.1% higher than a year ago. New listings drove much of the fall, down 10.4% for the month, though they too sit well above last year's levels, up 10.3% annually.
Sydney and Melbourne recorded the sharpest monthly drops in new listings, down 19.8% and 20.1% respectively, following unusually strong activity in May, while Darwin bucked the trend entirely, posting a 5.2% monthly rise and sitting 33.5% higher than a year ago.
Older stock, properties that have lingered on the market, fell 2.1% nationally to 72,266 dwellings, a sign that longer-dated listings are gradually being absorbed.
Louis Christopher (pictured), managing director of SQM Research, said the pattern was consistent with the season.
"The June figures reflect what we would normally expect to see at the beginning of winter, with new listings easing after a particularly strong May," Christopher said, a reversal from the sharp rise in listings reported in May.
He also flagged a related shift underway in how properties are being sold.
"One other trend we are watching is the movement of people selling to private treaty compared to auction, which is not unsurprising during a housing downturn," he said.
That shift shows up clearly in the auction data. Auction clearance rates have sat below 50% since late May, consistent with more vendors opting for private treaty sales over auction.
Combined asking prices for houses and units fell 1.3% nationally over the month, though they remain 7.6% higher annually. Perth was the standout performer, up 0.5% for the month and 14.3% year-on-year, while Sydney recorded the largest monthly decline at 2.8%.
For brokers with clients carrying investment properties, one trend worth watching is the continued rise in distressed listings, which climbed 10.8% nationally in June, the second consecutive monthly increase, led by Western Australia, South Australia and Queensland.
Christopher noted the increase remains below historical benchmarks for now.
"While they're still below last year's levels nationally, we've now seen two consecutive monthly increases, particularly across Queensland and Western Australia. It's something we'll continue to monitor over the coming months," he said.
Christopher characterised the broader market as stable rather than stressed, noting supply has improved on last year and asking prices are holding up reasonably well.
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