The number of new listings on the market in December was, as expected, down significantly on the previous month due to the usual Christmas slowdown, with all eyes now looking to next month’s report to see how the market has bounced back this year.
REA Group’s latest Listings Report, powered by PropTrack, shows the number of new homes available for purchase in December was down 64.6 per cent on this time last month – a drop second only to Sydney, where there are 65.9 fewer new listings.
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Despite this, the number of new listings on the market is up 12 per cent on this time last year.
The report also shows the total number of properties available for purchase is also down 21 per cent month-on-month and 2.6 per cent year-on-year.
Nationally, the average of all capital cities shows new listings are down 61 per cent month on month and up 0.2 per cent year-on-year, while the total pool of listings was down 17.4 per cent on last month’s figure and up 6.7 per cent on this time last year.
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For Sale Real Estate Sign in Front of New House.
Report author Cameron Kusher said buyers traditionally see new listing volumes decline in December ahead of the festive season, and 2024 was no different.
“The strength of new listings in 2024 gave buyers far more choice than they’ve had in recent years,” he said.
“The increase in properties available for sale has meant buyers have had more options and afforded them more time to make a purchase decision, which has led to an increase in days on market in recent months.
“Price growth slowed throughout 2024 and with more choice for buyers we can expect price growth will continue to moderate this year.”
Cameron Kusher from REA Group
According to the report, regional SA also recorded a drop in new listings – down 26.5 per cent month-on-month and 1.9 per cent year-on-year.
Total listings were down 3.5 per cent for the month, but are up 2.8 per cent on this time last year.
Nationally, new regional listings are down 33.5 per cent for the month and 0.2 per cent year-on-year, while the total pool of listings has shrunk by 5.7 per cent over the past month, but grown 4.7 per cent over the past year.
Stadium Real Estate’s Rachel Lawrie said 2024 had started strongly, reporting good numbers of new listings and a healthy number of buyers in the market.
“There are plenty of people looking for property and a good mix of buyers – first homebuyers to upsizers,” she said.
“I’ve had quite a few downsizers come to opens and I’ve seen quite a few investors too – particularly from interstate.
“It’s off to a cracking start.”
