"This is good news for buyers"
New listings in Australia were down 3.1% on a monthly basis but were 8.5% higher than the same time last year, according to the PropTrack listings report for June 2022.
The property market usually slows down for the winter period, said PropTrack economist Angus Moore. The annual boost in listings made for a busier month and marked the fastest start to winter since 2011.
“New listings in capital cities were down 6.4% month-on-month, as activity slowed with the start of winter,” said Moore. “Even so, activity continued to be stronger than is typical for this time of year and continued the fast pace of new listings we’ve seen throughout 2022. New listings in capital cities were 5.9% higher than at the same time in 2021, and it was the busiest start to winter in capital cities in more than a decade.”
New listings in Sydney were down 8.1% on a monthly basis but were 1.3% higher compared to 2021, which brought about the city’s busiest start to winter since 2015. The property market was also active in Melbourne, with new listings sliding down by 14.6% monthly but increasing 0.5% year-on-year. Canberra, meanwhile, saw new listings go up by 32.1% year-on-year, indicating the fastest June on record.
The PropTrack report recorded similar trends in other capital cities. As for regional areas, the report revealed a 2.5% month-on-month increase and a 12.9% year-on-year increase for June.
“This is good news for buyers, and a strong outcome, as there is typically a lull in new listings regionally in winter,” added Moore. “The lift in the month meant regional areas had the busiest June for new listings since 2014.”
All in all, the activity in June helped boost the total stock of properties available nationally as it grew by 1.9% compared to the previous month.
