Property Market Update: New Listings Surge in September 2024

Property Market Update: New Listings Surge in September 2024

As Australia moves into the final quarter of 2024, the property market remains dynamic, with notable shifts in listings, asking prices, and buyer activity. According to the latest data from SQM Research, new property listings rose by 5.4% in September 2024, while total listings dropped slightly by 2.3%. Here's

a closer look at the key takeaways from the September property market update and what it means for investors.

Rise in New Property Listings

September 2024 saw a significant boost in new property listings, with 77,622 dwellings hitting the market, a 5.4% increase from August. Cities like Darwin, Canberra, Perth, and Sydney led the charge with notable monthly increases in new listings:

• Darwin experienced the largest monthly jump in new listings, up by 25.8%.

• Canberra saw a 7.1% increase, continuing its upward trend.

• Perth and Hobart also recorded growth, with increases of 3.7% and 5.0%, respectively.

However, not all cities followed this trend. Melbourne saw a 6.3% decline in new listings, reflecting a more subdued market, while Brisbane had a minor decrease of 0.7%. Year-on-year, new listings remained relatively stable, with no overall change compared to September 2023.

Total Listings Decline, But New Listings Are Up

While new listings surged, total residential property listings fell by 2.3% from August, reaching 243,739 properties nationwide. Cities like Brisbane and Perth saw sharp drops in total listings, with declines of 6.5% and 4.8%, respectively. Darwin experienced the most significant drop at 8.6%, signaling

strong absorption of available properties in these markets.

On the other hand, Canberra and Sydney bucked the trend, with Canberra recording a 1.5% increase in total listings and Sydney experiencing a modest 0.7% rise.

Old Listings Continue to Fall

The market continues to clear out older stock. Properties listed for over 180 days decreased by 2.2%, dropping to 70,476 properties. This is a positive sign for sellers, indicating that long-standing listings are being sold, especially in cities like Brisbane, where older listings fell by a significant 33.5%, and

Perth, which saw a 59.0% drop.

In contrast, Canberra experienced a 13.3% increase in older listings, suggesting a potential cooling in certain market segments.

Asking Prices on the Rise

The national property market saw a slight recovery in asking prices after a subdued winter. Asking prices rose by 0.7%, with house prices up 0.5% and units up 1.6%. Across the capital cities, Brisbane led with a 2.0% rise in house prices and a 2.6% increase in unit prices, while Perth and Adelaide also

recorded healthy growth.

Interestingly, Canberra experienced a 0.5% drop in house prices, while Hobart saw a mixed result, with a small decrease in house prices offset by a 0.1% increase in unit prices.

What Does This Mean for Investors?

The September 2024 property market update highlights a mixed landscape for investors. While some cities are experiencing a rise in new and total listings, others are seeing significant drops in older stock, indicating strong demand and absorption. The slight increase in asking prices suggests that buyers

are still active, despite the ongoing pressures from elevated interest rates.

For property investors, the continued strength in markets like Brisbane, Perth, and Darwin offers attractive opportunities, particularly in high-growth areas where new listings are being rapidly absorbed. The notable decrease in older listings in Brisbane and Perth is a positive indicator for those

looking to invest in regions with strong buyer demand and market activity.

Looking Ahead

As we move further into spring, SQM Research anticipates a rise in listings through October, followed by a significant surge in November. This seasonal uptick, coupled with stable asking prices, presents a promising outlook for the property market heading into the final months of the year.

For more detailed insights on the latest property listings, trends, and investment opportunities across Australia, visit www.AusInvestmentProperties.com.au - Australia’s #1 Investment Property Portal.

Source: SQM Research - Total Property Listings Report, September 2024