Property prices may be dropping, but that doesn’t mean that things are slowing down for the property market.
According to figures from PropTrack, new listings were up 8.5 per cent year-on-year across the country, making it the busiest June for new listings since 2011.
The winter months usually bring about a seasonal lull. This June followed that trajectory with a 3.1 per cent month-on-month drop in new listings nationally, but still kept agents on their toes with activity tracking with levels not seen in a decade.
Sydney, for example, saw the busiest start to winter since 2015, with new listings up 1.3 per cent compared to 12 months ago. Melbourne’s small bump in new listings may have been small at 0.5 per cent year-over-year, but that’s still the highest level of activity seen in June since 2012.
Both Hobart and Canberra recorded exceptional gains over last year, with Hobart up 44.4 per cent and Canberra up 32.1 per cent, which was a June record for the latter.
New listings were also up year-on-year in Adelaide, which grew 1.2 per cent, Perth, which experienced a 15.1 per cent increase, and Brisbane, which rose 11.4. In Darwin, new listings were up 5.7 per cent month-on-month, but that was down 1.2 per cent from the 12 months prior.
PropTrack economist Angus Moore said that with these numbers in mind, the market could be described as strong through the first half of 2022.
“There has been a brisk pace of new listings, with more new listings nationally across the first half of the year than during any year since 2015. While conditions are likely to slow a little as we continue through the typically quieter winter period, activity has remained robust in many markets,” he said.
Mr Moore believes that factors are lining up for this steady trajectory to continue.
“Though selling conditions broadly have begun to temper after a very strong spring 2021 and early 2022, fundamental drivers of demand remain strong, with unemployment low, wages growth expected to pick up over this year, and international migration now returning,” he said.
“At the same time, buyers have had more properties to choose from in recent months. The wave of new supply coming to market over the first half of the year, particularly in Sydney, Melbourne, and Canberra, has lifted the stock available on market and eased how competitive conditions had been.”