More property for sale this autumn selling season, says PropTrack

April saw an increase in the number of properties on offer over the autumn season.

Notably, a new PropTrack Listings Report found that the number of available stock was 5.6% higher than last year.

However, despite improvements in housing stock the property market has been slow to move compared to March and early 2022.

“April was a quieter month than March across the nation’s property markets, as is usually the case due to the Easter and Anzac Day public holidays,” says PropTrack economist Angus Moore.

“Although it was a slower month of new listings, the good news for buyers is that the total number of properties available for sale has improved compared to a year ago and is up sharply in some parts of the country. This is giving buyers more choice.”

“With the majority of the autumn selling season now behind us, we expect market activity will remain quieter over the next few months. This is usually the case heading into, and during, the winter period before the market picks up again for spring.”

“However, market conditions have improved since late 2022. Auction clearance rates have remained reasonably firm throughout autumn and have picked up compared to the second half of 2022.”

But what does this mean for the property market for the rest of the year?

Where is the property market heading?

Despite an increase in property stock, the market has had a quiet start to the year compared to 2022. 

The slowdown could be associated with the 11 cash rate increases by the RBA, making borrowing money more difficult alongside the current cost of living crisis.

Economists from the big four banks forecast that there’s still another cash rate hike imminent, the question is when. Meaning that for now it's likely the property market will continue to be slow as new buyers struggle to get a foothold. 

If you’re looking to buy property this year, it’s essential to do your research. Get started with Mozo’s home loan guides. Alternatively, if you’re ready to take advantage of the stock increase this autumn season compare home loans below.