Conditions are ripe for home sellers as buyer demand continues to outstrip supply, despite national new listings jumping 22.5% in September, according to REA Group’s latest PropTrack report.
The lifting of lockdown restrictions in the major cities and the return of seller confidence is behind the increase in homes listed for sale.
The Melbourne market bounced back as in-person inspections resumed mid-month in September and listings surged 75% compared to August. New listings in Canberra, which also saw easing of restrictions, leapt by 42% month-on month, while Sydney saw an increase of 32%.
PropTrack economist Angus Moore says Melbourne’s market emerged from hibernation with new listings surging to be almost three times the level recorded in September last year.
“Seller confidence was strong across the country as road maps out of lockdown were announced and eased restrictions came into place,” he says.
Moore says that while new listings had bounced back, high levels of buyer demand and months of lockdowns in Sydney and Melbourne had kept total listings at a low level nationally. “Available stock has been particularly low in regional areas, where total listings are nearly one third lower than their level a year ago,” he says.