Brett Warren , National Director – Metropole Group
Australia’s property market has had an interesting month, according to SQM Research’s total property listings report for March, with listing dynamics painting a nuanced picture.
Total listings climbed by 0.9%, reaching 251,605 properties, though year-on-year figures reveal a 1.7% decline. Cities like Perth and Sydney recorded notable monthly increases, contrasting Brisbane’s decline in listing activity.
New property listings (less than 30 days) have decreased nationwide by 1.6%, reflecting a 5.5% drop compared to March last year.
While Darwin showed strong growth in new listings, other cities like Melbourne and Brisbane experienced notable declines. For example, Brisbane saw an annual drop of 15.9%, hinting at shifting vendor dynamics.
One area showing clear upward trends is older property listings (180+ days) – these climbed by 3.6% nationally, with cities like Sydney, Melbourne, and Canberra driving year-on-year increases. This may suggest a cooling in buyer interest for properties that have lingered longer on the market.
Interestingly, distressed listings remain relatively low, with a 0.5% monthly rise and a 7.1% yearly decline. Canberra saw the steepest increase in distressed listings, with figures surging 48% month-on-month, according to SQM Research.
As for asking prices, optimism prevails. National prices climbed by 0.8%, with Perth emerging as a leader in growth for unit prices, increasing by 5.4%. Brisbane also posted significant gains, as did Hobart, while Canberra experienced a combined price decrease. These trends underscore diverse market movements across our major cities.
Data showing an increase in older property listings is a sign that some markets are experiencing softer conditions, while the upcoming Federal Election might influence market activity as homebuyers and investors historically tend to stay on the sidelines during campaigning.
For investors, it’s clear that most markets are experiencing stable conditions – with balanced supply and demand – which means that now it is the optimal time to take action.
