New listings for Australia’s property market slides 3.5% month-on-month

November is a typically quieter month than October. New and total listings were both up on the same time last year. The regions also recorded an uptick, with November typically peak time.

The Australian real estate market has recorded a monthly fall in new listings, according to the latest PropTrack listings report.

It is typical for listings to decline towards the end of spring, however, the market remains busy, given there were 4.7% more new listings across Australia compared to the same period last year.

“Activity in Sydney and Melbourne has been much closer to what has been typical in spring over the past decade, and busier than last year’s very quiet selling season,” said PropTrack senior economist and report author, Angus Moore.

Sydney recorded an annual increase of 11.9% in new listings, and Melbourne recorded a 19.1% rise.

“Improved selling conditions, more certainty about interest rates, and the fact that prices are growing, compared to declines last year, are supporting vendor confidence,” noted Moore.

He added that while further rate hikes were possible, “… market pricing implies that markets are not expecting further increases, and that there is the possibility of declines next year.”

It is broadly predicted that the cash rate will be cut towards the end of 2024.

Total listings also lift across the nation

The report also found that total listings lifted year-on-year, up 4.5%.

More choice could be had across the capitals, with Canberra seeing total listings rise 24.2%, Hobart up 17.6%, Melbourne up 13.2%, Sydney up 5.4%, and Darwin up 4.8%.

However, total listings fell significantly for places like Brisbane, Adelaide, and Perth, where they fell 13.4%, 0.8%, and 24.4%, respectively.

Regions lift as they hit the November peak

Australia’s regional markets saw modest growth, with PropTrack recording a 0.3% uptick in

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