New property listings rose during November, according to a new report, with regional areas witnessing the largest increase.
Agents are facing the task of shifting more stock in a downward market after the latest PropTrack Listings Report found that November listings were up 6.6 per cent on October’s figures.
New listings rose 4.3 per cent in capital cities and 10.5 per cent in the regions during November, but still remain a whopping 21.8 per cent lower than they were a year ago.
PropTrack pinned the difference on the “extremely strong” growth in listings in late 2021 when Covid restrictions eased in Sydney, Melbourne and Canberra.
Taking a deep dive into the figures, there was considerable variation between capital city markets in November.
New listings were up substantially in Hobart (19.1 per cent) and Adelaide (15.2 per cent).
They recorded a slight uptick in Perth (6.1 per cent), Brisbane (5 per cent), Melbourne (4.7 per cent) and Canberra (1.9 per cent).
Meanwhile, Sydney (-1.7 per cent) and Darwin (-5.4 per cent), saw the only declines.
Proptrack said that there had been 3.8 per cent growth, month-on-month, in total listings (new listings and existing listings) across the country.
That was “good news” for buyers, according to the report, though it means agents will have their work cut out for them moving stock,
“Compared to last year, choice for buyers has improved, with the total stock of properties listed for sale up 3.4 per cent. Total listings increased in the month in practically all parts of the country, with only Darwin recording an extremely small decline of 0.1 per cent month-on-month.”
PropTrack is predicting a quiet few months ahead for listings, a typical occurrence during the Christmas and New Year period.
“Property markets will be quieter over the next couple of months as buyers and sellers pause for the typically quiet end-of-year break. Looking further ahead, the fundamentals of demand in the housing market remain solid,” the report authors wrote.