The PropTrack Listings Report for April 2023 revealed choice had improved for would-be buyers last month compared to this time last year and the low levels seen during 2021.
This was most pronounced in regional Victoria and regional New South Wales.
However, April was a quieter month than March across the nation’s property markets amid the Easter and Anzac Day long weekends.
Nationally, new listings on realestate.com.au decreased 28.3% month-on-month.
The slower month was seen across all capital cities, with Canberra (-37.7%), Hobart (-34%), and Perth (-32.2%) leading the pack.
The total number of properties available for sale nationally was also down 5.2% month-on-month.
While the total number of properties listed for sale in April declined in both Sydney and Melbourne, both remain above their pre-pandemic levels.
Down in Hobart, the total number of properties listed for sale increased sharply, with 66.9% more properties on the market compared to a year ago.
PropTrack Economist Angus Moore said with the majority of Autumn selling season behind us, market activity is expected to remain quiet over the next few months.
“This is usually the case heading into, and during, the winter period before the market picks up again for spring,” Mr Moore said.
“However, auction clearance rates have remained reasonably firm throughout autumn and have picked up compared to the second half of 2022.
“In the medium and long term, the fundamentals of housing demand remain strong.”
SQM Research figures also revealed a decline in national residential property listings in April 2023, dropping 9% to 227,020 from the 249,404 recorded in March.
SQM Managing Director Louis Christopher said while April recorded a fall, there is a chance listings could lift as soon as next month, contrary to Mr Moore's belief.
“Going forward it is likely we will see a bounce in new activity for May,” Mr Christopher said.
“The key will be if we record another fall in older stock as that will confirm to us buyer activity has risen.”
Rental vacancy rates continue on an upward trend
SQM research revealed rental vacancy rates rose for the third consecutive month to 1.2% in April.
The total number of rental vacancies Australia-wide now stands at 36,785 residential properties.
Rental vacancy rates across the capitals as of April 2023:
- Sydney - 1.4%
- Melbourne - 1.2%
- Brisbane - 1%
- Adelaide - 0.6%
- Perth - 0.6%
- Hobart - 1.6%
Mr Christopher said the latest data shows there may be some respite for renters across the nation.
“I believe tenants have been responding to the rental crisis by grouping together more, which can free up some rental stock,” he said.
“And/or an increasing number of tenants have been turning themselves into first home buyers.
“It is likely many landlords have been overly exuberant in seeking rent increases which have driven renters away.”
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