National residential property listings fell 3% in July, dropping to 227,135 properties, according to SQM Research. The decline highlights a measured pullback in vendor activity across most capital cities amid mid-year seasonal and economic shifts.
Sydney and Adelaide posted annual listing increases of 4.5% and 6.5%, respectively, despite monthly declines of 2.3% and 1.6%. Perth saw the sharpest yearly rise at 17.0%, even as monthly volumes fell 9.3%, underscoring solid underlying demand.
Conversely, Melbourne and Brisbane recorded both monthly and annual declines, with Melbourne down 3.3% in July and 4.2% year-on-year. Darwin led annual falls at 36.7%, with total property listings slipping below 1,000.
SQM Research said the July figures reflect a tentative market phase, with sellers potentially waiting for improved spring conditions before listing their properties.
New residential listings totaled 62,798 in July, virtually unchanged month-on-month but 4.7% lower than July 2024, indicating cautious vendor behaviour.
Darwin stood out with new listings surging 27.7% monthly and 16.1% annually, hinting at improving market confidence in the Northern Territory.
The subdued mid-year listing activity comes as markets await the Reserve Bank’s expected rate cut cycle, with spring selling conditions likely to test buyer demand.
National listings aged over 180 days fell 4.9% in July to 73,261, suggesting better absorption of long-standing stock. However, older listings remain 10.1% higher year-on-year, reflecting slower turnover in some markets.
Perth, Hobart, and Melbourne all recorded monthly declines of more than 6%, while Darwin’s aged stock dropped 50.7% annually, highlighting accelerated clearance.
Distressed property listings fell 5.5% in July to 4,291, marking a 15.4% annual decrease. The trend reflects stronger borrower stability and fewer forced sales.
Tasmania and the ACT posted the steepest monthly drops, down 13.2% and 11.8% respectively.
National asking prices for combined dwellings rose 0.3% week-on-week to $918,674 in early August.
Two-bedroom units led gains, up 1.1% for the week, while three-bedroom houses slipped 0.1%.
Louis Christopher (pictured), managing director of SQM Research, said the figures illustrate the current market balance.
“The July decline in total listings reflects a seasonal slowdown, but what’s notable is the continued rise in older stock across key capitals,” Christopher said.
“This suggests that while new listings remain subdued, turnover of existing inventory is lagging. We’re also seeing a meaningful drop in distressed listings, which points to improving financial stability among homeowners. Overall, the market appears to be in a holding pattern ahead of the spring selling season.”
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