New property listings were down 7.5% month-on-month nationally during September, meaning the normal spring selling season was yet to materialise.
Only two capital cities recorded an increase in property listings during the first month of spring – Canberra (+0.5%) and Darwin (+2%), according to PropTrack.
The volume of properties listed for sale in Sydney, Melbourne and Canberra is above the prior decade average, while in Hobart there has been a 72.1% year-on-year surge.
PropTrack economist Angus Moore (pictured above) said after a busy first half of the year and busier-than-typical winter, property markets had a slightly slower start to spring.
“The National Day of Mourning [for Queen Elizabeth II] and the AFL Grand Final public holiday likely delayed some vendors’ selling campaigns in September, with property market activity unseasonably slower than in August,” Moore said.
“While disruptions due to the public holidays likely played a part, selling conditions have tempered from their very strong levels earlier in the year. The slower month for new listings could be an indication that we are starting to see activity slow after a very busy first half of the year in property markets.”
Moore said home prices continued to decline in most cities after growth hit multi-decade highs in 2021 and were now down 3.4% nationally from the peak in March.
“The Reserve Bank of Australia has continued to raise interest rates at a brisk pace, which has brough the cash rate up drastically since May. The RBA is likely to continue raising rates over the course of 2022, which will reduce borrowing capacities for prospective buyers and place greater downward pressure on prices in the near-term,” he said.
“Looking further ahead, the fundamental drivers of demand remain strong, with unemployment very low, wages growth expected to pick up over this year and international migration increasing.”
New and total for sale listings on realestate.com.au as of September 30, 2022:
New Listings Total Listings
|
Region |
Area |
Month-on-Month |
Year-on-year |
Month-on-Month |
Year-on-year |
|---|---|---|---|---|---|
|
NSW |
Sydney |
-13.0% |
-18.6% |
-2.8% |
26.8% |
|
|
Regional NSW |
-5.8% |
-0.3% |
2.1% |
32.0% |
|
VIC |
Melbourne |
-6.8% |
-12.2% |
-0.3% |
15.1% |
|
|
Regional VIC |
-1.1% |
-8.1% |
2.5% |
35.6% |
|
QLD |
Brisbane |
-13.3% |
-6.0% |
0.2% |
12.3% |
|
|
Regional QLD |
-7.9% |
-7.8% |
-0.6% |
-6.6% |
|
SA |
Adelaide |
-10.7% |
-15.0% |
-2.2% |
-6.4% |
|
|
Regional SA |
7.0% |
-10.6% |
2.9% |
-28.4% |
|
WA |
Perth |
-5.1% |
-7.1% |
-0.8% |
2.5% |
|
|
Regional WA |
-6.2% |
-8.6% |
-1.3% |
-10.9% |
|
TAS |
Hobart |
-0.7% |
12.8% |
6.0% |
72.1% |
|
|
Regional TAS |
8.1% |
10.3% |
7.0% |
36.8% |
|
NT |
Darwin |
2.0% |
-3.2% |
2.4% |
12.0% |
|
|
Regional NT |
-16.2% |
-29.5% |
-0.8% |
-11.7% |
|
ACT |
Canberra |
0.5% |
11.3% |
2.5% |
56.8% |
|
National |
Capital Cities |
-9.3% |
-11.5% |
-0.9% |
14.6% |
|
|
Regional Areas |
-4.7% |
-5.5% |
1.0% |
6.5% |
|
Total |
|
-7.5% |
-9.2% |
0.0% |
10.8% |
Moore said the quieter month of new listings meant the total stock of properties listed for sale in Sydney declined 2.8% month-on-month in September.
“Property markets in regional NSW also had a slower September, with new listings 5.8% lower than in August,” he said.
“The biggest increase in suburb listings on realestate.com.au year-on-year were Arncliffe (+70%), Wolli Creek (67%) and Riverwood (64%). The biggest decrease in suburb listings were Moorebank (-59%), Leichhardt (-58%) and Potts Point (-58%).”
Moore said Melbourne was in lockdown during September 2021, but restrictions on in-person inspections were lifted in mid-September 2021, which meant the impact on listings activity was not as significant in September.
“Property markets in regional Victoria also had a slightly quieter month in September with new listings decreasing 1.1% month-on-month and 8.1% lower than at the same time last year,” he said.
“The biggest increase in suburb listings on realestate.com.au year-on-year were Deanside (218%), Beveridge (193%) and Gisborne (158%). The biggest decrease in suburb listings were Brookfield (-64%), Fawkner (-62%) and Mulgrave (-58%).”
Moore said despite fewer new listings, the total number of properties listed for sale in Brisbane increased slightly by 0.2%.
“This marked the fifth consecutive month of increases in total listings which is starting to improve choice and conditions for buyers. Meanwhile, property markets were also quieter in regional Queensland with new listings down 7.9% month-on-month in September,” he said.
“The biggest increase in suburb listings on realestate.com.au year-on-year were Park Ridge (190%), Oxley (82%) and Greenbank (77%). The biggest decrease in suburb listings were Collingwood (-63%), Hawthorne (-58%) and Kelvin Grove (-58%).”
Moore said the slower month of new listings in Adelaide meant the total stock of properties listed for sale declined 2.2% month-on-month.
“This continues tough conditions for buyers searching in Adelaide, where options have been limited for some time. In contrast, regional markets saw new listings pick up to start spring up 7% month-on-month in September,” he said.
“The biggest increase in suburb listings on realestate.com.au year-on-year were Seaton (88%), Hope Valley (70%) and Henley Beach (40%). The biggest decrease in suburb listings were Plympton (-44%), Salisbury North (-43%) and Blakeview (-38%).”
Moore said the slower month of new listings in Perth meant the total stock of properties listed for sale declined 0.8% month-on-month, though the total stock remained a little higher than at the same time last year.
“Choice remains somewhat limited for Perth buyers, however new listings in regional WA were also down 6.2% month-on-month in September as the public holiday slowed activity,” he said.
“The biggest increase in suburb listings on realestate.com.au year-on-year were Palmyra (83%), Willetton (83%) and Bicton (75%). The biggest decrease in suburb listings were Carlisle (-58%), Banksia Grove (-50%) and Port Kennedy (-46%).”
Moore said the busy year had given buyers more to choose from in Hobart than has been the case for the past few years.
“Hobart listings have surged 6% month-on-month which is the ninth straight monthly increase in the number of properties listed for sale. New listings in regional Tasmania picked up in the month and remain 10.3% higher year-on-year,” he said.
“The biggest increase in suburb listings on realestate.com.au year-on-year were Kingston (81%) and Claremont (42%). The biggest decrease in suburb listings were Lindisfarne (-29%) and New Norfolk (-15%).”
