According to REA Group’s latest Listings Report, new property listings were 7.9 per cent higher in 2024 compared to the previous year, marking the highest volume since 2021 and the strongest performance in seven years, excluding the pandemic period.
Despite the traditional December slowdown, which saw new listings fall 50.6 per cent month-on-month, the market showed resilience with capital city listings slightly higher than the previous year.
REA Group Director of Economic Research, Cameron Kusher, said the increased supply is changing market dynamics.
“The strength of new listings in 2024 gave buyers far more choice than they’ve had in recent years. The increase in properties available for sale has meant buyers have had more options and afforded them more time to make a purchase decision,” Mr Kusher said.
Major capital cities experienced significant shifts in total listing volumes, with Canberra leading the way with a 22.3 per cent increase, followed by Sydney at 12.7 per cent and Hobart at 8.4 per cent.
The regional market showed mixed results, with Regional Victoria seeing a 13.6 per cent increase in total listings, while Regional Western Australia experienced a 13.8 per cent decline.
Some capital cities have maintained consistently higher year-on-year listings, with Sydney marking 15 consecutive months of increases, Melbourne 17 months, and Canberra reaching 34 months of higher volumes.
Perth’s traditionally tight market has also shown signs of opening up, with total listings higher year-on-year for two consecutive months, indicating a potential shift in the market dynamics.
“Price growth slowed throughout 2024 and with more choice for buyers we can expect price growth will continue to moderate this year,” Mr Kusher said.
The report revealed Darwin faced the largest decline in new listings among capital cities, dropping 19 per cent year-on-year, followed by Brisbane at 8.4 per cent and Melbourne at 3 per cent.
“The typical seasonal slowdown in new listings saw volumes fall 50.6 per cent month-on-month in December, which was actually less severe than the 53 per cent monthly decline we saw in December 2023,” Mr Kusher said.
The changing market conditions point to a potential shift in buyer-seller dynamics, Mr Kusher said.
“With more choice for buyers we can expect price growth will continue to moderate this year.”
