New listings at their highest since 2021
National new listing volumes were 7.9 per cent higher in 2024 than the previous year despite the seasonal slowdown in December.
Data from the REA Listings Report for December 2024 showed that despite slowing down at the end of the year, the total number of new listings for the year was at its highest since 2021.
REA Group director of economic research, Cameron Kusher, said new listing volumes usually decline ahead of the festive season, and “2024 was no different”.
Across the country, the volume of new listings fell by 50.6 per cent compared to the previous month, but this was still a smaller drop than in December 2023, when listings fell by 53 per cent.
In December, new listings in capital cities declined month-on-month, with Hobart experiencing a drop of -45.8 per cent, Perth -50.5 per cent, and Brisbane -57.7 per cent, marking the smallest decreases.
Meanwhile, Sydney's new listings dropped by -65.9 per cent, Adelaide by -64.6 per cent, and Melbourne by -64.3 per cent, representing the steepest declines.
Similarly, regional areas nationwide decreased by -33.5 per cent in December 2024.
Despite slowing down in December, the report showed the market remained resilient, and listings grew over the year, giving buyers more options.
“The strength of new listings in 2024 gave buyers far more choice than they’ve had in recent years,” Kusher said.
“The increase in properties available for sale has meant buyers have had more options and afforded them more time to make a purchase decision, which has led to an increase in days on market in recent months.”
Year on year, the volume of new listings remained stable compared to the previous year, with new listings in capital cities increasing by 0.2 per cent, while those in regional markets decreased by 0.2 per cent.
The largest year-on-year declines in new listings were in Darwin at -19.0 per cent, Brisbane at -8.4 per cent, while the biggest increases were in Hobart at 23.2 per cent, Canberra at 12.1 per cent, and Adelaide at 12 per cent.
In comparison, Melbourne and Sydney remained mostly stable with a slight decrease, with year-on-year new listing volumes dropping by respectively -3.0 per cent and -2.5 per cent.
While the total number of listings fell by 11.9 per cent in December 2024 compared to the previous month, they were 5.7 per cent higher year-on-year.
The report showed that across the combined capital cities, total listing volumes increased by 6.7 per cent in 2024 compared to the previous year.
The largest increases in total listing volumes in 2024 were in Canberra, with an impressive 22.3 per cent growth, and in Sydney, with +12.7 per cent growth compared to 2023.
Hobart, Melbourne and Perth also recorded growth over total listings but remained below 10 per cent.
Conversely, Darwin recorded the biggest fall, with the city’s total listings down by -25.9 per cent.
Adelaide and Brisbane also recorded a drop in total listings, but only by -2.6 and -0.8 per cent, respectively.
“Total listing volumes have now been higher year-on-year in Sydney for 15 consecutive months, in Melbourne for 17 consecutive months, in Hobart for 33 consecutive months and Canberra for 34 consecutive months,” Kusher said.
“While in Perth, where supply has been particularly tight, we have now seen total listings higher year-on-year for two consecutive months.”
“Price growth slowed throughout 2024 and with more choice for buyers, we can expect price growth will continue to moderate this year,” Kusher concluded.