Auction clearance rates remain strong as more properties are being offered under the hammer, according to new data. New listings on realestate.com.au are up 20.5% month-on-month in August, according to the latest PropTrack Listings Report, although only 4.1% higher than the same time last year. PropTrack senior economist, Angus Moore says activity is likely to increase over the spring selling season.
“Selling conditions and home prices have also improved compared to late 2022,” Moore says.“Home prices nationally have continued to recover, posting their eighth consecutive month of growth in August.” He says after a quieter first half of 2023, property market activity appears to be picking up in Sydney and Melbourne. New listings are up 18.4% in Sydney and 20.8% in Melbourne compared to the same time last year, while Canberra is up by 23.2%. Brisbane listings are down 10.4%, Perth is down 8.6%, Darwin is down 5.4%, Adelaide is down 3.3% and Hobart is down 1.8%.