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Homebuyers saw a rebound in housing options in May, as new and total listings bounced back after a quieter month.
According to PropTrack, new listings increased 18.7% in May.
On an annual basis, listings were down 16.8% — despite this, however, buyers enjoyed a modest improvement in the total number of listings in the month.
In fact, the total number of properties listed for sale increased by 2.2% compared to April.
Here are some other highlights from PropTrack’s listings report:
- New listings across capital cities were up 20.5% monthly but were down 19.2% from last year.
- Sydney and Melbourne recorded fewer new listings this May compared to last year.
- Hobart was one of the most active capital cities over the month, despite the annual decline in listings.
- Regional areas recorded a rebound of 16.1% in new listings over the month.
- On an annual basis, regional markets reported a 12.6% decline in new listings.
PropTrack economist Angus Moore said overall the slowdown over the recent autumn-selling season relative to last year shows how busy property markets were during the start of 2022.
“While selling conditions are softer than a year ago, and activity has slowed, market conditions have improved from late 2022 — auction clearance rates remained reasonably firm throughout autumn and have picked up noticeably compared to the second half of 2022,” he said.
The improvement in activity was evident in the increase in home prices in May — PropTrack’s Home Price Index showed a 0.33% increase in home prices across the country over the month, bringing prices up 1.55% from the low point recorded in December 2022.
“While the increases have been modest, they have been consistent, and it is a change from the price falls seen throughout much of 2022 when the RBA was raising interest rates rapidly,” Mr Moore said.
Mr Moore said market activity is likely to be a little slower over the next few months during the quieter winter period before picking up again in spring.
“Further out, the fundamentals of housing demand remain strong. Unemployment has remained close to multi-decade lows for much of 2022 and into 2023,” he said.
“Wages growth, while running slower than inflation, has started to pick up, and there are signs inflation is starting to subside.”
“International migration has also resumed, which will further add to housing demand, and rental markets are extremely tight across the country.”
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| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
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5.94% p.a. | 5.95% p.a. | $2,383 | Principal & Interest | Variable | $0 | $0 | 90% |
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Photo by Andy Dean Photography.
Collections: Mortgage News Property News
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