Throughout most of 2021, there has been a huge demand for housing and a shortage of available listings. This meant that many would-be buyers faced stiff competition.
However, after a busy start to the year, the number of properties on the market has improved. That means people looking for a new home or investment have many options in several areas.
In November 2021, the total monthly ‘for sale’ listing reached its lowest level in 12 years. His December in these periods is not taken into account.
This means that the home has sold faster than at any point since July 2017. Eager buyers were immediately thrilled with the new listing.
Sydney’s Ryde region had the highest number of properties for sale of all regions compared to the five-year average.Photo: Getty
Around the same time, the number of days properties were listed on realestate.com.au also hit a five-year low. This means the home has sold faster than at any point since July 2017.
However, since early 2022, this trend has changed.
Continued increases in mortgage payments are reducing buyer demand and increasing the time it takes to sell a property.
At the same time, vendors have been brisk this year, putting more new homes on the market across the capital in the first half of the year than in any year since 2015.
As a result, those looking for real estate at the moment are better positioned as they have more homes to choose from and less competition in the market.
A region with a lot of choice for buyers
To identify the regions with the greatest increase in buyer choice, we looked at the regions with the highest number of properties for sale compared to the five-year average.
The majority of the top regions are in Sydney and Melbourne, the largest capital cities and welcome news for buyers in the most expensive housing market after a year of fierce competition and skyrocketing prices.
Sydney’s Ryde area tops the list with 25% more properties for sale than on average over the past five years.
The Inner Melbourne region, Sydney – City and Inner South regions and Sydney – Inner West region saw 20%, 18% and 16% additional listings respectively compared to the five-year period. average.
Buyers in Blacktown Sydney, North Sydney, Hornsby and Western Melbourne also had more options.
In-depth insights from PropTrack’s team of experts:
While conditions have improved for those looking in Sydney, Melbourne and Canberra, they remain difficult for buyers in Adelaide and Brisbane. It’s gone down by a third and a quarter.
Heading into spring, however, buyers looking for the aforementioned areas will have a head start, with more homes on the market to choose from.