Great news for buyers, new listings grew 3.1 per cent across Australia in July.
This slight increase is unusual for the mid-winter month when there’s not usually many new properties to buy. While the rise in new listings is positive, July’s listings were still down on levels seen in the last two years, down 10.5 per cent on July 2022. Month-on-month comparisons were favourable across much of the country, with Melbourne and Sydney reporting big jumps in the numbers of new properties for sale.
Total listings saw falls compared to a year ago, though there were slight increases compared to June 2023.
Hobart reported large growth of listings available in the last year with a 39.2 per cent increase, while regional Australia also saw more listings sit on the market, with an overall increase of 10.6 per cent in the regions. Falling new listings and increasing old listings are a good demonstration of a market slowing down in activity.
Ray White’s listing authorities (the point at which a seller has signed to Ray White but the listing is not yet advertised) have had a strong month of growth.
Authorities are seen as a strong leading indicator for future listings, with a lead of about a week before authorities become listings visible on the market. Listing authorities in July suggest a strong month to come in August, as the trend of falling listings starts to reverse.