There has been a spike in the number of homes hitting the market across Australia, with homeowners bringing forward selling plans.
There were 7% more homes listed for sale in March than the same time last year, according to the latest REA Group Listings Report.
Listing volumes last month were 5.5% higher than in February, the report found.
More homes have hit the market earlier this year due to the timing of the Easter public holidays. Picture: realestate.com.au/sold
REA Group executive manager of economics Angus Moore said the spike in listings in March was because more homes had been put up for sale earlier in the year than normal.
“This was largely due to vendors pulling forward campaigns due to Easter being earlier this year than last,” he said.
While conditions varied across the capitals, every city recorded an uplift in the total number of homes for sale compared to the previous month.
“Brisbane saw a strong increase in new listings, up 23% year-on-year,” Mr Moore said.
“This was the highest level for listings since March 2022, though the annual growth can in part be attributed to Cyclone Alfred which contributed to lower-than-average listings over the same period last year.”
Regional Queensland also recorded a significant year-on-year rise in listings, which rose about 17% compared to last year.
There was a big jump in property listings in Brisbane in March, including this five-bedroom Camp Hill home which goes to auction later this month. Picture: realestate.com.au/buy
Despite the monthly uplift in listings, buyers overall have less choice than the same time last year, with the total number of homes for sale down 9.3% year-on-year.
Sydney and Canberra were the only cities to record year-on-year growth, although these were relatively modest increases.
Meanwhile, total listings were down significantly in some of the smaller capitals compared to a year ago.
The number of homes for sale was 36% lower in Darwin, 25% lower in Perth and 23% lower in Hobart.
“Buyers in the smaller capitals continue to face limited supply,” Mr Moore said.
Conditions are tightening in Hobart with fewer homes for sale than the same time last year. Picture: realestate.com.au/buy
It’s no coincidence that these cities have recorded some of the strongest price growth in the past year.
Home prices in Perth rose 20%, while values jumped 17% in Darwin and 9% in Hobart, according to the latest PropTrack Home Price Index.
Significant demand from both investors and first-home buyers has soaked up much of the available stock on the market in these cities, keeping prices elevated despite interest rate rises.
Darwin did, however, record a 32% increase in new listings compared to February, suggesting that the strong rise in prices in the past year could be encouraging more owners to list homes for sale.
Similarly, Perth had the most significant month-on-month rise in total listings (up about 14%), followed by Brisbane (up 12%) and Adelaide (up 9%).
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This should come as welcome news for buyers, given a shortage in the supply of homes for sale has been a key driver of rapid price growth in these cities in the past few years.
New listings across regional Australia were up about 10% year-on-year, although the total number of listings declined by about 11% compared to a year ago.
Prices in regional Australia have risen slightly faster than across the combined capitals in the past year, with relative affordability and increased intrastate migration driving housing demand.
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