Vendor & Buyer activity high… except in Victoria and Tasmania

Vendor & Buyer activity high… except in Victoria and Tasmania

Over the past four weeks CoreLogic tracked 38,258 freshly advertised properties, almost 18% more than at the same time last year and 7.7% above the previous five-year average.

Almost every capital city and rest of state region has seen an increase in vendor activity relative to a year ago, except Hobart (-2.4%) where overall stock levels have been high for several years and values have recorded a substantial downturn since peaking in March 2022.

The other exceptions, but in the opposite direction, are Melbourne (+34.8% on a year ago) and Regional Victoria (+39.4%), which stand out with the largest jump in vendor activity. The larger rise in new listings across Victoria could be related to a combination of factors including high property taxes alongside a rising element of financial stress as high interest rates and cost of living pressures.

Most regions are showing enough buyer demand to absorb the higher-than-average flow of listings coming to market.

Nationally, the total number of homes advertised for sale is holding relatively flat, tracking -3.0% lower than a year ago and almost -19% below the previous five-year average.

However, listings are elevated in some markets.

The total number of advertised properties is sitting above the previous five-year average in Melbourne (+9.6%) and Hobart (+39.3%) as well as Regional Victoria (+29.7%) and Regional Tasmania (+21.9%).  Given the higher stock levels and generally soft selling conditions, these regions have generally seen softer value growth.

The only two capital city SA3 regions to make the top 20 list for the largest decrease in listings were located in Perth (Kwinana) and Brisbane (Beaudesert), with both of these regions offering an extremely affordable median value relative to the broader metro average

Source: CoreLogic - Tim Lawless