Spring will see Australia’s largest property market warm up

The REA Group unveiled the PropTrack Listings Report for July 2023, a monthly analysis of new and total property listings on realestate.com. au, offering the most current insights into property market supply trends.

Key fndings include:

• National property market activity in July was relatively subdued, except for Sydney (+9.2%) and Melbourne (+9.1%), which saw more new listings compared to the previous year.

• Both Sydney and Melbourne experienced higher July listings than the ten-year average, marking the frst positive annual growth since spring 2022.

• Nationwide, new listings on realestate. com.au dipped slightly in July, down 4.9% year-on-year.

• Despite the increases in Sydney and Melbourne, new listings across combined capital cities remained lower than the previous year, down 1.4% year-onyear.

• Regional areas also saw a decrease in new listings in July, down 10.4% compared to the prior year.

Angus Moore,

PropTrack senior economist and report author, commented on the fndings: “Property market activity is starting to pick up in Sydney and Melbourne, particularly during the typically quieter winter season. These two major markets recorded more new listings than the midwinter average of the past decade. Activity is expected to rise in the coming months, peaking in October and November.”

Moore also noted positive news for sellers, with improving conditions and home prices showing growth since the second half of 2022. National home prices have rebounded 2.8% since December, now sitting just 1.4% below the peak of March 2022.

He added, “The Reserve Bank’s decision to maintain the cash rate at 4.1% for two consecutive months indicates a possible stabilisation in interest rates. Strong housing demand fundamentals persist, with low unemployment, tight rental markets, and resumed international migration contributing to continued demand.”