Listings On the Rise
Property listings are finally starting to increase and are now 16.6% higher than at this time last year.
PropTrack data shows across the combined capital cities new listings are up by 22.2% in the year to February. The national increase is largely being driven by Sydney, Melbourne and Canberra markets.
Listings are down year on year in Darwin and remain at the same level in Adelaide and Perth.
PropTrack senior economist Angus Moore believes sellers are confident in listing their homes because of the favourable conditions in the housing market.
“Sellers and buyers are more confident about the outlook for interest rates, with expectations of no more rate hikes and even cuts later in the year underpinning the confidence in the market,” he says.
He says with unemployment low and income growth starting to increase there is a growing demand from buyers, particularly as the rental market remains difficult.
The total number of properties listed for sale in Sydney, Melbourne, Canberra, and Hobart is now well above the prior-decade average, although Brisbane, Perth, and Adelaide are about 40% below.
