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Ray White Economics Update 03.06.2024

By Jennifer Clark

Listings are up in many places but the drivers differ across the country

Canberra is currently leading the way when it comes to growth in the number of properties coming to market. Properties listed have increased by close to 12 per cent over the past 12 months.

In comparison, both Darwin and Perth have seen the largest decline in properties coming to market, declining by 15 per cent and 22.8 per cent respectively. The change in the volume of listings is being driven by different things. Perth is currently seeing the strongest price growth in Australia with prices up close to 25 per cent over the past 12 months. It has also seen a large decline in properties coming to market. There are simply not enough homes for the number of people that want to buy them.

A similar situation is also occurring in the rental market. Perth is also leading the country for rental growth. In Adelaide, it is likely that strong price growth is encouraging more people to come to market. The number of properties for sale has lifted but price growth has also been strong. Sydney is seeing a similar trend, although price growth has not been as strong.

Melbourne seems to be driven more by property market challenges. Taxes have increased significantly in Victoria and have impacted investors particularly. While it is not possible to ascertain exactly who is selling, it is likely that investors are a major component.

While the increasing number of properties available is good news for anyone looking to buy, it is obviously bad news for renters, particularly given that investor lending data is not showing a surge in activity in that state.The elevated number of properties for sale is likely to continue through winter. Listing authorities are the point at which a buyer signs an agent but the property is yet to be listed. Although it is not possible for us to track all listing authorities, Ray White agents, who account for close to 15 per cent of all properties coming to market, continue to record far better numbers compared to the same time in 2023 and 2022.

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