PropTrack Listings Report - August 2022

Choice for buyers continued to improve in August, with the total number of properties listed for sale lifting 3.9% month-on-month as market activity picked up ahead of the spring selling season.

August saw new listings in capital cities up 11.3% month-on-month after a seasonally quieter July.

Regionally, new listings were up 7.9% month-on-month in August.

Nationally, the total number of properties listed for sale was up 3.9% month-on-month in August as the busier month of new listings helped increase choice for buyers. The increase in the month brought the total number of properties actively listed for sale up 13.7% compared to a year ago – the largest year-on-year increase since 2010.

While that strong growth is in part due to the increase in properties listed for sale this year, it is also partly driven by the fact that listings were subdued in August 2021, when Sydney, Melbourne and Canberra were in lockdown.

This monthly report analyses new and total listings on realestate.com.au to provide the most up-to-date view on property market supply trends.

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Executive summary

Activity began to pick up in property markets around Australia in August ahead of the typically busy spring selling season.

New listings nationally on realestate.com.au were 9.9% higher month-on-month in August, continuing the busier-than-usual activity the property market has experienced this winter. Winter typically sees a seasonal lull in activity, and while we have seen that this year, this winter has been the busiest winter for new listings in five years.

August this year was also much busier than last year, with new listings up 20% year-on-year nationally. Part of the reason for that relatively strong year-on-year growth is that Sydney, Melbourne, and Canberra were in lockdown last year, and so activity in property markets in August 2021 was subdued.

New listings in capital cities grew briskly in August ahead of the typically busy spring season, up 11.3% month-on-month. New listings in August were up very strongly compared to a year ago (25.7%) in part due to the subdued, lockdown-affected August 2021. Even so, this August was busy, with more new listings than has been typical for August in recent years.

All capital cities saw more new listings in August than in July, consistent with the ramp up in activity ahead of spring. New listings were up strongly in Sydney (+16.1% month-on-month), Melbourne (+13% month-on-month) and Hobart (+17.2% month-on-month).

Regional areas also saw activity pick up in August, with 7.9% more new listings than in July. Regional NSW saw the largest increase in new listings (+12.7% month-on-month), while regional Tasmania saw the only decline (down 1.3% month-on-month).

Download the PropTrack Listings Report - August 2022

These new listings coming to market in August helped lift the total number of properties listed for sale around the country up by 3.9% month-on-month. That month-on-month increase brought the total stock of properties listed for sale up 13.7% compared to the same time last year, which is the largest year-on-year increase since 2010. This record is, in part, because options were limited in August 2021 when Sydney, Melbourne and Canberra were in lockdown.

Options for buyers in most cities have markedly improved this year. The stock of properties listed for sale in Sydney and Canberra is around 10% above the prior decade average, and around 1% above in Melbourne. In other cities, conditions have improved this year, and nearly all cities have more properties listed for sale this year than last. Adelaide is the exception, with total listings down slightly.

The total stock of properties listed for sale remains low in regional areas but has improved in recent months. The total number of properties listed for sale in regional areas was up 3.8% month-on-month in August, the fourth consecutive monthly increase.

Where to from here?

Activity in property markets around the country is starting to ramp up ahead of what is typically the seasonally busiest part of the year in spring. While activity and listings have started to pick up, selling conditions have tempered from their very strong levels earlier in the year. Compared to the strong conditions earlier in the year, measures of buyer demand have moderated, it is taking longer to sell homes, and auction clearance rates have fallen.

A notable change heading into this spring compared to last year is that buyers have more properties to choose from. The wave of new supply coming to market over the first half of the year, coupled with longer sales times, has lifted the stock available on market and helped make conditions a bit less competitive for buyers. Sydney, Melbourne, and Canberra all have levels of total stock available for sale around or above their prior decade average. And even in Brisbane and Adelaide, where choice has been limited for some time, there are signs that conditions are improving.

Home prices have continued to decline in most cities after growth hit multi-decade highs in 2021. The Reserve Bank of Australia has continued to raise interest rates at a brisk pace, with a fifth consecutive interest rate rise in September, which has brough the cash rate up more than two percentage points in just five months. The RBA is likely to continue raising rates over the course of 2022, which will reduce borrowing capacities for prospective buyers and place greater downward pressure on prices in the near-term.

Looking further ahead, the fundamental drivers of demand remain strong, with unemployment very low, wages growth expected to pick up over this year, and international migration increasing. Activity in property markets around the country is expected to pick up over the next few months in line with the typical seasonal peak in activity across spring.

How listings are faring across Australia

• New South Wales
• Victoria
• Queensland
• South Australia
• Western Australia
• Tasmania
• Northern Territory
• Australian Capital Territory

Download the PropTrack Listings Report - August 2022

New South Wales

Buyers in Sydney enjoyed more choice than they have for some time, with August seeing the highest number of properties listed for sale since mid 2019.

• New listings in Sydney were 16.1% higher month-on-month in August as activity in property markets began to pick up ahead of the typically busy spring season.
• As was the case in July, new listings were up strongly year-on-year (+22.9% year-on-year). Property market activity was subdued this time last year when Sydney was in lockdown, which would have lowered the number of new listings in August 2021. Though, inspections of for sale homes were still possible, albeit with some restrictions.
• The wave of new listings in August helped give buyers more options and helped lift the total number of properties available for sale by 3.3% month-on-month.
• Compared to the lockdown-affected August 2021, the increase in total stock listed for sale was particularly sharp, up 43% year-on-year, a record for Sydney. While this is in part because 2021 was quieter due to lockdown, it is also driven by strength this year; August 2022 saw the highest number of properties listed for sale in Sydney since mid 2019.
• Regional NSW also saw activity start to pick up in August, with new listings 12.7% higher than in July.
• Those new listings helped lift the total number of properties available for sale in regional NSW for the fourth consecutive month, up 5.9% month-on-month. While options remain limited for buyers, with the total number of properties listed for sale down a third compared to pre-pandemic, this year has seen choice improve regionally. The total number of properties listed for sale in regional NSW has picked up nearly 30% since the start of the year.

Victoria

Options continued to improve for buyers in Victoria, with an increase in the number of properties available for sale in Melbourne and regionally.

• New listings in Melbourne picked up strongly in August, up 13% compared to July as the property market began to ramp up activity ahead of the seasonally busy spring period.
• New listings were significantly higher that at the same time in 2021, up 64.4% year-on-year. This strength is in large part because Melbourne was in lockdown for some of August 2021, which affected property market activity and listings volumes.
• The busier month of new listings and longer sales times helped lift the stock of properties available for sale in Melbourne, which picked up 3.4% in August from July. That helped lift the stock of properties for sale to be a little above the prior decade average, which is helping give buyers more choice and ease how competitive conditions have been.
• Property markets in regional Victoria also had a busier month in August. New listings increased 6.3% month-on-month in August. New listings were also up strongly compared to a year ago (+13.6% year-on-year).
• The good news for buyers in regional Victoria is that choice has been improving through most of 2022. The total number of properties available for sale picked up 4.5% month-on-month in August and has increased nearly 20% since the start of the year. Even so, after strong demand and limited choice for much of the pandemic period, options are still tight, with total listings still around 30% below pre-pandemic levels.

Queensland

Conditions for buyers in Brisbane continued to improve, with the fourth consecutive monthly increase in the total number of properties available for sale.

• Brisbane’s property market had a busier August as activity started to pick up ahead of the typically busy spring season. New listings in August were up 7.1% compared to July and were up 17.4% compared to August 2021.
• The good news for buyers is that these new listings, plus the fact that properties are taking longer to sell, mean the total stock of properties listed for sale increased 7.3% month-on-month in August. That marked the fourth consecutive month of increases in total listings, which is starting to improve choice and conditions for buyers.
• Nonetheless, after a long period of strong demand, competition remains tough for buyers searching in Brisbane, with the total stock of properties listed for sale still down a bit less than a quarter compared to pre-pandemic levels.
• Property markets were also busier in regional Queensland, coming out of the quieter winter period. New listings in regional Queensland were up 6.7% month-on-month, with Queensland’s Outback (+30% month-on-month) and Mackay-Isaac-Whitsunday (+12.1% month-on-month) recording the largest increases. The total stock of properties listed for sale regionally picked up 3.2% in the month but remains around 40% below pre-pandemic levels.

South Australia

Adelaide’s property market had a busier August after a seasonally slow July, with new listings up 8.1% in August.

• New listings in Adelaide were up 8.1% month-on-month in August as activity began to ramp up coming out of the seasonally quiet winter period in July ahead of spring.
• New listings were in line with their levels last year (down 0.1% year-on-year).
• The busier month of new listings helped lift the total stock of properties listed for sale up 5% month-on-month. Nonetheless, options remain limited for buyers searching in Adelaide as they have for some time. Total listings are about a third lower than pre-pandemic levels and are a little lower than they were a year ago (down 1.2% year-on-year).
• Regional markets also saw new listings pick up slightly ahead of spring. New listings were up 7.3% month-on-month in August after a quieter July.
• Conditions remain tough for buyers looking in regional areas as they have for some time. The total stock of properties available for sale in regional SA is down more than 60% compared to pre-pandemic levels, with conditions set to remain tough. Total listings were up just 0.9% month-on-month in August and were around 30% lower than a year ago.

Western Australia

Activity in Perth’s housing market started to pick up ahead of spring, with new listings up 7.1% month-on-month in August.

• New listings in Perth picked up in August, coming off a seasonally quiet July. New listings were up 7.1% month-on-month in August to be roughly in line with last year (up 0.8% year-on-year).
• The busier month of new listings meant the total stock of properties listed for sale increased a little in August, up 1.5% month-on-month, which will come as welcome news for buyers. The total stock was 4.7% higher than at the same time last year. Even so, choice remains somewhat limited for buyers, with the total stock listed for sale a bit over 10% below its pre-pandemic level.
• New listings in regional WA were up 4% month-on-month in August and were 13.9% higher than at the same time last year. Nonetheless, buyers in regional WA still have little to choose from, as has been the case for some time. The total stock of properties available for sale is down more than 40% compared to pre-pandemic levels and down 10.3% compared to the same time last year.

Tasmania

Hobart saw a record yearly increase in total properties listed for sale, bringing the number of properties listed for sale to its highest level since late 2019.

• New listings in Hobart were up strongly in August coming off the usually quiet July. New listings in August were 17.2% higher August than in July.
• The increase in new listings continued the busy year for Hobart’s property market, with new listings up 21% compared to August 2021.
• The busy year has given buyers more to choose from in Hobart than has been the case for the past few years. The total stock of properties available for sale in Hobart surged 8.6% month-on-month and was 71.5% higher than at the same time last year – the largest year-on-year increase on record in any city. This surge has helped bring the stock available for sale to its highest level since late 2019. That’s a substantial change compared to mid-2021, when options were limited, and total listings were down nearly 40% compared to pre-pandemic levels.
• New listings in regional Tasmania were down slightly in the month (-1.3% month-on-month) but remain 10.2% higher year-on-year. Even so, choice remains limited for regional buyers, with the stock of properties available for sale down around a third below pre-pandemic levels.

Northern Territory

Darwin saw the total stock of properties for sale reaching pre-pandemic levels for the first time since 2020.

• Activity started to pick up in Darwin’s housing market in August, with new listings up 8.1% month-on-month. The increase brought new listings in Darwin up 10.9% compared to August 2021.
• The total stock of properties listed for sale increased in August, up 3.1% month-on-month. The good news for buyers is that there is substantially more available stock than was the case last year. The stock of properties available for sale is now back above pre-pandemic levels for the first time, and up 15.4% compared to a year ago.
• New listings were also up in regional NT, surging 45.1% month-on-month in August (after declining sharply in July), and are 48% higher year-on-year. However, listings in regional NT can be quite volatile as it is a small market.

Australian Capital Territory

Buyers in Canberra enjoyed more choice in August as listings began to pick up ahead of the typically busy spring season.

• New listings in Canberra were up 6.2% month-on-month in August as activity began to pick back up ahead of spring.
• New listings were up very strongly compared to the same time last year when Canberra was in lockdown. New listings were up 57.3% compared to August 2021.
• The lift in new listings in the month helped further increase choice for buyers; the total number of properties listed for sale lifted 6% month-on-month in August and is now 10% above the average over the past decade.
• Total listings are also up very strongly year-on-year (58.4%), the strongest year-on-year growth on record for Canberra. However, at least part of this strength is because this is comparing to a period in which Canberra was in lockdown and listings were subdued as a result.

Download the PropTrack Listings Report - August 2022

Methodology

The ‘PropTrack Listings Report’ details monthly changes in the number of properties listed for sale on realestate.com.au. The listings are split into ‘new’ and ‘total’ listings.

New listings consist of properties that were newly listed for sale on realestate.com.au within the reported month.

Total listings is the total supply of properties for sale in the reported month. It consists of all listings which were for sale during that month (including new listings) irrespective of the date they first appeared on site.

The geographical areas described in this report are based on the Greater Capital City Statistical Area (GCCSA) as defined by the Australian Bureau of Statistics.

Disclaimer: PropTrack Listings Report is summary information only. realestate.com.au Pty Limited [REA] makes no representation whatsoever about PropTrack Listings Report’s completeness or accuracy. REA is under no obligation to update or correct any of the PropTrack Listings Report data or to continue to make the PropTrack Listings Report available. REA recommends that any users of the PropTrack Listings Report exercise their own skill and care with respect to their use of the PropTrack Listings Report and that users carefully evaluate the accuracy, currency, completeness and relevance of the PropTrack Listings Report for their purposes. REA expressly bears no responsibility, and accepts no liability, whatsoever for any reliance placed by you or others on the PropTrack Listings Report, or from any use of the PropTrack Listings Report by you or others. If you wish to cite or refer to this report (or any findings or data contained in it) in any publication, please refer to the report as the ‘PropTrack Listings Report – August 2022′.