Property markets have been much busier this spring after a quiet year last year, particularly in our largest capitals.
Sydney and Melbourne have both recorded activity in spring that is more typical, with the number of new listings hitting market across September and October in line with, or even a little above, the average over the past decade in both cities.
But there are some parts of the country where spring has been much busier.
That’s good news for buyers in these areas, offering more choice, and less competition for any particular home.
Inner city regions of both Sydney and Melbourne have recorded stronger-than-typical springs, with 20.6% more new listings in Melbourne’s inner city than is typical for the first two months of spring, and 17.8% more in inner city Sydney.
Activity has also been busier than usual in western Sydney. Ryde has had 25.7% more new listings than has been typical over the past decade, and Parramatta 16.5% more.
Canberra has been particularly busy. This October was Canberra's busiest ever October, and its second busiest month on record (behind November 2021). That means that, so far this spring, there have been nearly 25% more properties hitting market than has been typical over the past decade.
Activity has picked up in some parts of regional Victoria after very limited choice throughout the pandemic. Ballarat and Geelong have both had a busier-than-typical spring so far this year.
But it’s not good news for buyers everywhere. Buyers in Perth, Brisbane and regional Queensland are still facing limited choice and quiet conditions, with fewer new properties hitting market than is typical for spring.
While Brisbane overall recorded more new listings this year than last in October, it was still quieter than typical. That means many parts of Brisbane, including the south, west and east have all seen about one-fifth fewer new properties hitting market than has been typical in the past decade.
Buyers in Wide Bay, Cairns and the Gold Coast have all been faced with 20% fewer new listings this spring than is typical.
Perth’s Mandurah region has also seen 17.7% fewer new listings than has been typical over the past decade.