Regional Victoria leads in year-on-year growth for new listings

NEW data from the PropTrack Listings Report reveals a significant increase in new property listings across regional Victoria in April, highlighting a strong market rebound following the Easter slowdown in March.

The report, released today, shows new listings in regional Victoria were 21.5 per cent higher than in April 2023, with total listings increasing by 30.4 per cent year-on-year.

This marks the strongest April for total listings in the region since 2020.

Cameron Kusher, director of economic research at PropTrack, said the shift in Easter from April to March this year contributed to the noticeable rise in new listings.

“Following a pullback in new listings in March due to Easter, we saw a strong lift in new listings in April, indicating ongoing vendor confidence,” he said.

Nationally, new listings on realestate.com.au were up 3.8 per cent over the month and 32 per cent higher year-on-year. This surge represents the strongest April for new listings since 2021. Total listings nationwide also saw an increase, up 0.1 per cent over the month and 7.7 per cent year-on-year.

The report highlights that combined regional markets saw a 19.2 per cent increase in new listings year-on-year, although they were 4.3 per cent lower over the month.

In the capital cities, new listings were up 40.4 per cent year-on-year, with each capital city market recording higher new listings compared to a year ago.

Kusher noted that despite the increase in properties available for sale, buyer demand remains strong.

“Although home prices have remained buoyant in early 2024, the surge in new listings has seen the total number of properties advertised for sale mount, particularly in Sydney, Melbourne, and Canberra.Despite the increase in properties available for sale, other indicators signal that buyer demand remains strong such as median time on market declining and overall enquiries rising compared to a year ago,” he said.

As the market moves into the typically quieter winter period, it will be interesting to observe the conditions over the coming months.

Many had expected interest rate cuts later this year, which buoyed buyer and seller confidence, but these expectations have now shifted to 2025.