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 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.”


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by raw via freepik

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy