Frustrated home seekers have been given a boost as property listings across Australia surged in July, providing more housing options and easing competition. PropTrack data shows that new listings in capital cities increased by 10% over the month, with total listings now 14.4% higher than a year ago. More listings are expected in the coming months as the spring selling season begins. PropTrack’s Director of Research, Cameron Kusher, noted that Sydney and Melbourne are becoming “buyer’s markets” after a prolonged period favouring sellers. “It’s probably the easiest (capital city) market to buy in at the moment,” Kusher said, particularly referring to Melbourne.
In smaller capitals like Brisbane, Perth, and Adelaide, sellers still have the upper hand, but the rise in listings is expected to reduce market pressure. Kusher explained that this increase in listings is partly due to the Reserve Bank’s decision to delay an interest rate cut, which “forced the hand” of struggling homeowners to sell.
This shift in market dynamics is making sellers more negotiable, creating opportunities for buyers.
