The Spring selling season is typically boom time for Australia’s property market and real estate agencies.
That is, for a decade prior to the pandemic, there was an average uplift of 21% in new listings nationally between winter and spring, according to CoreLogic.
Not so this year, with spring listings falling nationally for the first time in at least 12 years:
New listings added to the market in the three months to November totalled 118,734, which was down from 121,859 in the three months to August.
CoreLogic explains that Vendors may have chosen not to list their property over spring because prices have fallen 7% from their peak in April amid the fastest rate-tightening cycle since the 1990s.
The volume of sales has also fallen sharply in response to softer buyer demand:
The upside is that the withdrawal of listings by vendors will have helped to balance out supply with demand, in turn preventing house prices from falling more swiftly.
Why sell into a falling market if you don’t have to?
