The PropTrack Housing Market Indicators Report for December showed the number of homes for sale increased in November, while viewings per listings declined.
Views per listing fell 9% in November, down from October’s historic high, while the volume of weekly searches fell 16.2% over the past seven consecutive weeks.
With lockdowns over, email enquiries to agents fell by 22% in November to the lowest volume since July 2021.
Weekly sales volumes fell 1.7% last week however they are 11.6% higher than the same week last year, indicating the strong market activity currently.
Email enquiries from buyers were 24.5% lower month-on-month in November, but it was first home buyers (-25.5%) who were the least active.
The share of searches for properties listed above $1 million hit a record high in November, accounting for 44.1% of all searches with a price filter.
PropTrack Director of Economic Research and report author, Cameron Kusher, said Australia’s housing market is experiencing elevated demand, resulting in high volumes of sales at rapid speeds.
"There are also signs that some of the heat is coming out of the market, with falls in enquiry and a decline in views per listing," Mr Kusher said.
“We are still seeing many active buyers, but for the first time since the pandemic began, the strong ramp up in new listings has given them more choice. Buyers continue to outweigh sellers in the current market, but the gap is narrowing, meaning the strength of the sellers’ market is softening.
"Demand is expected to ease from its strong levels; fewer disruptions due to lockdowns should lead to a consistent supply of new listings, and price growth is expected to slow.
"Encouragingly for buyers, the volume of competition for housing stock should also ease. Overall, we appear to be witnessing the first signs of a shift from an extreme sellers’ market to one which is slowly moving towards more balanced conditions between buyers and sellers."
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