Australian Housing Market Surges with 9.4% Spike in New Listings

The Australian housing market is off to a strong start in 2023, defying the slowdown experienced last year. According to the latest Ray White listings report by data analyst William Clark, new listings in the market saw a significant increase of 9.4% in August. This surge in new listings comes as welcome news for property buyers, especially after the slower pace observed in July. However, while new listings have risen, the total supply of advertised properties still remains below last year’s levels across the combined capitals, as reported by recent CoreLogic data.

Early Start to the Spring Selling Season

Traditionally, the spring season sees an increase in new listings, while the winter months tend to be slower. With the notable uplift in new listings in August, experts are declaring that the spring selling season has begun early this year. The trend of rising new listings is expected to continue throughout 2023, indicating that it is unlikely to follow the declining trend observed in the latter half of 2022. Major cities like Sydney and Melbourne have reported a significant increase in new listings, further highlighting the strength of this trend across Australia.

New Listings Movements for Capital Cities

In line with the overall upward trend in new listings, all major capital cities in Australia recorded growth from July. Here is a breakdown of the top-performing and declining suburbs in some of these cities:

Sydney Listings

• New listings in Sydney rose by 11.6% in August 2023, compared to July last year.
• The suburbs of Tallawong and Colebee experienced the highest growth in new listings, with a spike of 275% and 233%, respectively.
• Pemulwuy had the sharpest decline in stock, with an 88% year-on-year drop.

Melbourne Listings

• Melbourne saw a month-on-month increase of 17.2% in new listings and a 5.8% increase compared to July last year.
• Suburbs like Travancore and Diggers Rest experienced a significant boost in stock with a 133% and 100% increase, respectively.
• Box Hill South, on the other hand, saw a 58% slump in listings.

Brisbane Listings

• New listings in Brisbane rose month-on-month, although on a smaller scale compared to the same month last year. Regional Queensland followed a similar pattern.
• Waterford witnessed an 80% increase in stock, while St Lucia experienced a 77% reduction in listings.

Adelaide Listings

• Adelaide’s stock improved month-on-month, but it fell behind the listings for the same month last year.
• The suburb of Banksia Park recorded the highest growth in listings with a 200% increase, while Aberfoyle Park had a 74% decline in stock.

Perth Listings

• Perth’s new listings rose by 6.8% compared to July but remained 3.7% below August last year. Regional listings also decreased.
• Forrestdale had the highest growth in listings with a 175% increase, while Waikiki saw the most significant decline with a 70% drop.

Hobart Listings

• Hobart experienced the most significant month-on-month growth in listings at 14.8%, although new listings are still down by 5.8% compared to August last year.
• Battery Point saw a 75% increase in listings, while Sandy Bay had 38% fewer homes available for purchase.

Darwin Listings

• Darwin’s new listings grew by 26.5% in August, but they still lag behind last year’s numbers with a 30.7% decrease.
• Parap had the highest growth in listings with a 25% increase, while Bakewell saw a 73% decline.

Canberra Listings

• Canberra saw a substantial month-on-month increase of 31.2% in new listings and an 11.5% increase compared to August last year.
• Harrison experienced the highest growth in listings with a 175% year-on-year jump, while Mawson had the highest decrease with a 64% decline.

In conclusion, the Australian housing market has seen a surge in new listings, indicating a strong start to the year. The spring selling season has started early, with new listings picking up across major capital cities like Sydney and Melbourne. While the total supply of advertised properties is still below last year’s levels, the upward trend in new listings is expected to continue in the coming months. Homebuyers can take advantage of this increased supply and explore the diverse range of properties available in the Australian housing market.