Capital city buyers spoilt for choice on the back of the busiest October for new listings in a decade

Source: PropTrack & REA Group

Over the month there was a surge in new listings hitting the market resulting in new listings in October 2024 being +14% year-on-year.

It was an historic-high number of October new listings in Melbourne and Canberra, the highest October new listings in Perth in a decade, the highest October new listings in nine years for Sydney, highest October new listings in Brisbane and Hobart in six years and the highest October new listings in Adelaide in five years. Darwin was the only capital city with fewer new listings this year than last.

The lift in new listings is also leading to a rise in the total number of properties advertised for sale which were +8.7% over the year and resulting in the highest number of properties for sale since November 2020. While total listings are still low historically they are trending higher and have risen to above longer term average levels in Sydney, Melbourne, Hobart and Canberra.

In fact, in Sydney and Melbourne, total listing volumes in October 2024 were the highest they have been for any month since November 2012.

With more stock being listed for sale and more overall properties for sale this is affording buyers more choice and the ability to be more discerning when choosing a property to purchase. For sellers, there is a lot more competing stock and less urgency from buyers which means they need to set realistic prices or be willing to adjust the price to meet the market if they wish to sell.

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