Listing activity remains slow

Ray White listing authorities (the point at which a vendor has signed to Ray White but the listing is not yet advertised) have been slowly increasing through June. June’s new listings are only slightly lower than this time last year. While these metrics include market share movements, the above chart clearly demonstrates the way seasonality affects the industry. Typically we see listing authorities, as well as listings, pick up in spring, though this was not the case last year.

In Sydney, Bradbury and Catherine Field had 100 per cent more stock to choose from compared to last year. Palm Beach and Glenmore Park have 61 per cent less stock than a year ago. Sydney saw new listings decline slightly both month-on-month and year-on-year, and remains low compared to last year. Listings are still far off the early 2022 highs. Choice for buyers declined both month-on-month and year-on-year for total listings as sales start to outpace new listings.

Melbourne's Cheltenham and Nunawading had 100 per cent more stock to choose from compared to last year, whereas rural locality Mambourin had 77 per cent less stock for buyers to choose from. Melbourne saw new listings decline both month-on-month and year-on-year, following and even accentuating the trend Sydney saw. Total listings declined month-on-month by two per cent but year-on-year total listings increased 1.4 per cent.

There was a huge spike in some suburbs of Brisbane and surrounds, with 235 per cent more stock on hand in Greenbank, whereas Raceview in Ipswich saw a 63 per cent contraction in listings. Brisbane saw new listings increase month-on-month, but is lower on the same month last year. Total listings in Brisbane held year-on-year, but fell slightly from last month. Brisbane only really saw listings declines from the beginning of 2023.

Angel Vale in Adelaide has experienced a 249 per cent surge in new listings, while Evanston Gardens had 62 per cent less available stock for sale. Adelaide saw a month-on-month decline in new listings, though new listings are still up on the same month last year. The same goes with total listings, where the month-on-month decline was 7.5 per cent. In the same period last year, total listings were up six per cent.

In Perth, Heathridge saw a 92 per cent rise in listings, while Melville saw an 82 per cent spike in listings. Greenfields had 68 per cent less available stock for buyers to choose from. Perth had new listings decline by 3.5 per cent this month on the previous month, and are down nearly 25 per cent on June last year. Total listings in June fell nearly seven per cent from May, and are down 23.1 per cent. Perth only saw large new listings decline in the last three months or so, but the drop seen in March onwards is one of the largest in the country.

North of Hobart, Brighton had 120 per cent more available stock for sale, whereas Newtown had 61 per cent less to buy. Hobart was another city only just seeing new listings decline in a profound way, seemingly lagging the larger cities of Melbourne and Sydney. Month-on-month declines in new listings were the largest in Hobart than anywhere else in the country, at 25.7 per cent, and were down 18.5 per cent on June last year. Total listings declined in the last year by 23.1 per cent and 6.9 per cent on May this year.

The Northern Territory's Zuccoli, in Palmerston in the south west, saw a 233 per cent surge in listings, whereas Rosebery had half as many properties to buy. Darwin’s new listings declined in May by 0.7 per cent, and declined by 4.4 per cent in June last year. Total listings grew, both month-on-month by 3.9 per cent, and year-on-year by 3.2 per cent. This is a trend the other major cities saw a few months ago, where new listings were outpacing sales.