March property listings rise 10.5%, busiest since May 2022 says PropTrack

The REA Group’s latest PropTrack Report reveals a 10.5% lift in new property listings on realestate.com.au, making March 2023 the most active month since May 2022.

Despite last month’s increase in new listings, it doesn’t hold a candle to March 2022 when there were 14.9% more listings. 

PropTrack economist, Angus Moore, said: “Property markets have had a quieter start to the year than was the case in 2022 and autumn was no exception.

“While new listings were up 10.5% in March compared to February, the peak of the autumn selling season did not match the pace of autumn last year. New listings were down 15.9% year-on-year. That slowdown comes after an extremely busy period in early 2022.”

Adelaide, Perth and Sydney had the largest increase in property listings 

The number of listings in the nation’s capitals rose 10.2% month-on-month in March.

However, the highest month-on-month increases, according to PropTrack, came from Adelaide (14.6%), Perth (13.3%), and Sydney (10.3%).

With the exception of Perth, all capital cities in Australia have seen an increase in the total number of properties for sale compared to last year – Sydney and Melbourne witnessing above-average numbers of listings compared to the past decade. 

While regional property stock remains low, it is said to be improving 

According to the report, listings in regional Australian areas are still down compared to pre-pandemic levels, despite a year-on-year increase of 15.8%. 

However, PropTrack noted that stock levels have improved in NSW and Victoria, where the bulk of regional Australia’s listing growth is being fostered. 

Does a market slowdown post-Easter present an opportunity for buyers?  

March is typically the busiest month of the autumn selling season, according to PropTrack. 

Moore expects the property market to slow over the coming months, meaning this time of year could be an opportunity for would-be buyers to start comparing home loans, heading into winter. 

“With the peak of the autumn selling season now behind us, we expect market activity will ease over the next few months, as it usually does after Easter and into the quieter winter period,” he said.

Although Moore predicts a slow down in market activity post-Easter, alongside softer selling conditions, he also says the long-term drivers of demand (low unemployment, wage growth, and immigration) are still present. 

“While selling conditions are softer than a year ago, and market activity has slowed, conditions have improved from late 2022 and the fundamental long-term drivers of demand for housing remain solid.

“We’ve seen home prices increase slightly in recent months – a change from the consistent price falls seen throughout much of 2022,” he said.

“Auction clearance rates have firmed up a bit through the first quarter of 2023 compared to last year. The unemployment rate has remained close to multi-decade lows for the majority of 2022 and into early 2023. Wages growth, while running slower than inflation, has started to pick up. International migration has also resumed, which will further add to housing demand.”

Keep up with more of the latest news and data on Australlian property by checking out Mozo’s home loan news articles, and get the down-low on buying with our home loans guides. 

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