Home Insights PropTrack Listings Report – December 2022

PropTrack Listings Report – December 2022

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The Australian property market was quiet in December as buyers and sellers stalled during the usual holiday season.

As is typical of the year-end holiday season, capital city new listings fell 62.2% month-on-month in December. While the drop is sharp, it is broadly in line with the typical drop in activity seen in property markets towards the end of the year.

Regionally, new listings are down by just over a third, coinciding with the typically quiet holiday season.w

The total number of properties offered for sale fell in December, consistent with a decline in the number of new properties hitting the market. The total number of properties for sale nationwide fell 10.1% month-on-month, but remained higher than a year ago. The good news for local buyers is that total listings are up nearly 10% compared to a year ago.

This monthly report analyzes new and total listings on realestate.com.au to provide an up-to-date view of real estate market supply trends.

The real estate market was quiet in December as buyers and sellers retreated for the usual holiday season. National new listings on realestate.com.au fell 51% month-on-month in December. Although a steep decline, this is roughly in line with what is typically seen during the end-of-year holiday season.

That said, new listings across the country fell by 24.8% year-on-year, a significant drop from a year ago. Last year his December was unusually busy due to a combination of very strong sales and a late start to spring due to his Covid lockdowns in Sydney, Melbourne and Canberra.

Capital city new listings fell 62.2% month-on-month in December, with all capital cities recording sharp month-over-month declines in line with the holiday season.

Nearly every capital city saw a significant year-on-year decline in new listings, coinciding with an unusually busy December in 2021. Only Hobart broke the trend, with new listings this year down just 0.4% from last year.

The number of new listings in local areas also decreased significantly in December, down 33.9% from the previous month. Although smaller than the decline in the Tokyo metropolitan area, the decline in rural areas is more or less consistent with a typical year-end shopping season, as the pause in activity is not as pronounced outside the major metropolitan areas. Similar to the capital city, new listings fell significantly compared to a year ago, and regionally fell 20.4% year-on-year.

With few new properties hitting the market in December, the total inventory of properties available for sale around Australia fell by 10.1% month-on-month, as is typically seen at that time of year.

The decline was stronger in the capital (-14.9% m/m) compared to the rural areas (-4.1% m/m), consistent with a larger-than-usual drop in new listings in the capital at the end of 2019. Year.

Still, as in the second half of 2022, buyers in most markets continue to enjoy more choice than last year. This increase has been particularly rapid in Hobart, where the total number of properties listed has almost doubled. Selling like it did a year ago.

The total number of properties for sale in rural areas remains at a low level, but is improving from last year. Although buyer options fell in December, the total number of properties offered for sale was up 9.9% year-on-year.

After the holiday season, market activity is expected to pick up sharply in late January, as is usual with buyers and sellers returning in the New Year.

After an early start to 2022, conditions and activity slowed in the second half of the year. Home prices continued to fall nationwide in December and are now down 4.3% from their peak in early 2022. These price declines and slowing market activity come as the Reserve Bank of Australia has raised interest rates dramatically. fast pace.

While market activity has slowed, with sales conditions clearly softening since early 2022, the underlying long-term drivers of housing demand remain strong. The unemployment rate has been at a multi-decade low for most of his 2022 and continues to decline. Wage growth is starting to pick up, albeit at a slower rate than inflation. International immigrants are also returning, which will further boost housing demand.

methodology

The PropTrack Listings Report details monthly changes in the number of properties for sale on realestate.com.au. The list is split into a “new” list and a “total” list.

New listings consist of properties newly listed for sale on realestate.com.au within the reported month.

Total listings is the total supply of properties for sale in the reported month. Consists of all listings (including new listings) sold during the month, regardless of the date they first appeared on the site.

The regions covered in this report are based on the Greater Cities Statistical Areas (GCCSA) as defined by the Australian Bureau of Statistics.

Disclaimer: The PropTrack Listings Report is summary information only. realestate.com.au Pty Limited [REA] We make no representations about the completeness or accuracy of the PropTrack Listings Report. REA has no obligation to update or correct any of the PropTrack Listings Report data or to keep the PropTrack Listings Report available. REA warrants that all users of the PropTrack Listings Report exercise their own skill and care in using the PropTrack Listings Report and carefully evaluate the PropTrack Listings Report for accuracy, currency, completeness, and relevance to its purpose. is recommended. REA expressly disclaims liability for your or any other person’s reliance on the PropTrack Listings Report or your or any other person’s use of the PropTrack Listings Report. When citing or referencing this report (or the findings or data contained in the report) in a publication, please refer to the report as “PropTrack Listing Report – December 2022”.

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