In October, there was a significant surge in newly listed homes for sale across the country, marking the typical seasonal peak of the spring selling season. Nationally, new listings increased by 17% month-on-month, resulting in a 15.7% year-on-year rise. Sydney and Melbourne experienced notably busier mid-spring activity compared to the previous year, with Sydney's new listings up by 32.5%..
Brisbane, in particular, saw a modest but significant 3.4% increase in new listings, marking the first positive year-on-year growth since August of the previous year. Regionally, activity picked up modestly by 9.4% month-on-month, exceeding the pace set in the previous year by 11.1%.
The increased listings in October provided buyers nationwide with more options. Melbourne, Sydney, Canberra, and Hobart stood out with particularly strong choices, exceeding the typical availability of properties in the past decade. However, in Brisbane, Adelaide, and Perth, choices remained more limited. Regionally, there was a 4.8% increase in total properties listed for sale in October compared to September, and an 11.3% increase compared to the previous year.
Looking ahead, this year's spring selling season has outperformed the previous year, especially in Sydney and Melbourne. Improved selling conditions, increased confidence in interest rate stability, and overall price growth across the country have contributed to vendor confidence. Property prices have consistently risen each month in 2023, fully recovering from the declines observed last year. While the Reserve Bank of Australia (RBA) raised interest rates by 25 basis points in November, the possibility of further increases remains, potentially impacting buyer and seller sentiment. Despite this, tight rental markets, strong population growth, and rising wages are expected to continue supporting the fundamental demand for property.
Disclaimer: Information collected from realestate.com.au. This is a summary information only. Focus Estate Agents makes no representation whatsoever about realestate.com.au completeness or accuracy. Focus Estate Agents recommends that readers exercise their own due diligence. Focus Estate Agents expressly bears no responsibility and accepts no liability .