Displeased home seekers in Australia have received a much-needed boost as property listings surged in July, offering more housing options and reducing competition. PropTrack data indicates a 10% increase in new listings across capital cities for the month, with total listings up 14.4% compared to a year ago. This trend is expected to continue with more listings anticipated as the spring selling season approaches.

Cameron Kusher, Director of Research at PropTrack, highlighted that Sydney and Melbourne are shifting towards “buyer’s markets” following an extended period favouring sellers. “Currently, Melbourne is arguably the easiest capital city market to buy into,” Kusher observed.

In smaller capitals like Brisbane, Perth, and Adelaide, sellers still hold an advantage, but the rising number of listings is expected to ease market pressure. Kusher attributed this increase in listings partly to the Reserve Bank’s decision to postpone an interest rate cut, which has prompted some homeowners to sell.

This shift in market dynamics is enhancing negotiation opportunities for buyers, making the current environment more favourable for those seeking to purchase property.