PropTrack data reveals that while new listing volumes dropped 19.7 per cent in November, the total number of properties available for sale remains 5.5 per cent higher than the same time last year.
Sydney and Melbourne are experiencing listing volumes not seen since 2012, while Canberra’s total stock has reached levels unseen since 2007.
REA Group Director of Economic Research Cameron Kusher, said that buyers are finally getting an opportunity after a number of years of tight supply.
“The recent strength of new listings has resulted in more overall stock for sale, creating a more balanced market for buyers,” Mr Kusher said.
Perth continues to buck the national trend, showing a 12.1 per cent increase in new listings compared to last year, while other capital cities recorded decreases, with Sydney dropping 11.7 per cent and Canberra falling 10 per cent.
The regional market shows some big differences, with Regional Victoria experiencing a 14.2 per cent increase in total listings, while Regional Queensland saw a 5.4 per cent decrease.
Mr Kusher said the increased supply is affecting selling conditions.
“The increase in properties available for sale provides buyers with more choice and creates less urgency to purchase, which has resulted in a rise in days on market over recent months,” he said.
Mr Kusher said that the market dynamics are shifting, potentially impacting the way vendors are operating.
“With total listings at multi-year highs, sellers will need to be more realistic with their price expectations in the current market,” he said.
