PropTrack Property Market Outlook: March 2022 

Buyers are continuing to snap up properties quickly, even as more stock comes onto the market. 

The housing market’s strong momentum has carried over into 2022, with more listings, more sales and further growth in property prices.

The number of new property listings on realestate.com.au in February was 13.5% higher than a year ago, and while buyers had more choice, demand per listing still remains around 10% higher than the same time last year.

Buyers have taken advantage of the greater availability of stock for sale, with the number of sales so far this year remaining 4% higher than the same period last year. 

As a result, properties are selling quicker. In February. the number of days a property was listed realestate.com.au before selling fell to a median 35 days nationally – down 10 days compared to a year ago. 

Prices continued to climb 0.6% over the month, a slightly higher rate of price growth than December and January – but well below the 2.4% rise recorded in February 2021. 

Despite this, sellers remain confident in bringing properties to the market given buyer demand remains strong, albeit we will see some different trends emerging across the country. For example, there are some signs of an easing in some of the major regional centres where demand for property has surged since the pandemic. 

Many people are expecting that interest rates will start increasing later this year which is also creating some urgency from both buyers and sellers. 

Let’s dive into some of the key trends across the states and territories. 

• New South Wales
• Victoria
• Queensland
• South Australia
• Western Australia
• Tasmania
• Northern Territory
• Australian Capital Territory

New South Wales

Regional New South Wales outperformed the capital in February, with Sydney dwelling prices up 0.4% during the month compared to 1% for the rest of the state. 

Sales volumes 

Over the first two months of the year, preliminary sales volumes in Sydney were 4.4% higher than the same period last year, while in regional NSW sales volumes were down 9.5%.

Sydney’s Central Coast, North Sydney and Hornsby regions have had the most sales so far this year, while outside of the capital, sales volumes are highest in the Newcastle, Lake Macquarie and Hunter Valley regions. 

Days on site 

The median number of days on site for properties sold in February was 27 days in Sydney, slightly higher than the 26 days a year earlier. Homes were sold fastest in Sydney’s eastern suburbs, North Sydney and Hornsby regions. 

In regional NSW days on site fell to 37 days, down from 54 days in February 2021 with homes selling the quickest in the Illawarra, Newcastle and Lake Macquarie regions.

Demand per listing 

Demand remains elevated in Sydney, although is weaker year-on-year. In the regions, demand per listing remains stronger than a year ago. 

Victoria

Queensland

Dwelling prices in Brisbane recorded a monthly increase of 0.6% in February, to take them 27.1% higher year-on-year. Brisbane’s south and southern parts of Moreton Bay recorded the strongest annual price growth. 

Outside the capital, prices rose by 0.8% in February taking them 26.5% higher year-on-year, with the greatest price growth seen in the Sunshine Coast and Gold Coast. 

Sales volumes 

Over the first two months of 2022 preliminary sales volumes in Brisbane were 9% higher than the same period last year and in regional Queensland they were 3.9% higher.

In Brisbane, the Ipswich and Logan-Beaudesert areas have recorded both the most sales and the largest year-on-year increase in sale so far this year.

Days on site 

Properties continue to get snapped up quickly. In Brisbane, the median days on site fell from 52 days in February 2021 to 37 days in February 2022 while in regional Queensland, days on site fell to 58 days, down from 73 days. 

Demand per listing 

Demand per listing across Brisbane and regional Queensland has lifted substantially over the year to February, increasing by 24.4% and 37.6% respectively.

Western and northern Brisbane suburbs have the highest demand per listing in the capital, while in regional areas, demand per listing is highest on the Sunshine Coast and Gold Coast.

South Australia

Over the 12 months to February, Adelaide dwelling price growth has showed no sign of slowing, gaining another 0.6% in February to be 25.7% higher year-on-year.

Outside of the capital, prices grew 0.1% during the month to be 18.4% higher annually.

Sales volumes 

Adelaide has seen 12.8% more sales over the first two months of 2022 compared to the same period last year. Adelaide’s north and south regions have recorded the most sales so far this year.

In regional parts of the state, sales volumes are marginally lower, down 0.8%. The state’s south east and Barossa, Yorke and Mid-North recorded the most transactions year-on-year.

Days on site 

Adelaide and regional South Australia have both recorded a decline in the number of days on site over the year. In Adelaide, properties were on realestate.com.au for a median 23 days in February, compared to 35 days a year earlier. 

In regional areas, properties are selling in a median 74 days, compared to 125 days a year ago.

Demand per listing 

Demand remains strong across the state. In Adelaide, demand per listing is 26.1% higher year-on-year, while in regional South Australia it has risen by 75.7%.

The Adelaide regions with the highest demand per listing are the south and west regions. Outside the capital, the south east and Barossa, Yorke and Mid North regions have the highest demand per listing, and they have also recorded the largest increases in demand over the year. 

Western Australia

Dwelling prices in Perth fell 0.3% in February, resulting in annual price growth slowing to 7.7% – the slowest annual growth since November 2020.

In regional WA, prices rose 0.2% during the month, taking them 11.6% higher year-on-year.

Sales volumes 

Sales activity has been particularly strong in the first two months of the year, with preliminary sales 22% higher than the same period last year in Perth and 12.5% higher in regional WA.

Across Perth, the North West and South West SA4 regions have recorded the most sales so far this year while Mandurah and South West have recorded the greatest increases in sales.

In regional WA, Bunbury and the Wheat Belt have recorded the most sales, while Outback (South) and Bunbury recorded the greatest increases. 

Days on site  

In Perth, the median days on site fell to 68 days in February 2022, down from 73 days a year earlier. Properties in the south west and Mandurah regions sold the quickest across Greater Perth. 

In regional WA, the median number of days on site fell from 118 days last February to the current 82 days.

Demand per listing 

Demand per listings in February 2022 in Perth was marginally higher than it was a year earlier (4.1%), while it has risen 35.2% in regional WA.

Demand per listing across Perth is highest in the Inner, North East and South West SA4 regions while the greatest increases have been recorded in the south west and Mandurah regions. Outside the capital, Bunbury and the Wheat Belt region have the highest demand per listing. 

Tasmania

Price growth across Tasmania remains strong, despite a slowdown in the capital.

Over the past year, dwelling prices are 26% higher in Hobart and 25% higher in regional Tasmania.

Sales volumes 

Preliminary sales volumes so far this year in in Hobart are down 13.8% compared to last year. Outside the capital, sales have fallen a much more modest 0.8%. 

Hobart, Launceston and the north east have had the most sales this year, with Launceston and the north east the only region with more sales this year than last. 

Days on site 

Properties in Hobart are sitting on site for a slightly shorter length of time this February (25 days) than they were last February (27 days) while days on site in regional Tasmania has also fallen from 62 days to 47 days.

Demand per listing 

Demand per listings in Hobart has eased from its peak, by is still 4.5% higher than a year ago and the highest of all capital cities.

In regional Tasmania, demand per listing is higher than any other regional market and has increased 13.4% year-on-year. 

Northern Territory

There was no change in property prices throughout February in both Darwin and regional parts of the territory.

The annual rate of price growth in Darwin was 12.2% – its slowest since December 2020, while in regional areas price growth has been slow and consistent over recent times with prices 6.8% higher over the year. 

Sales volumes 

Over the first two months of 2022, preliminary sales volumes in Darwin were 18.5% higher than over the same period last year while outside the capita, sales volumes have fallen 7.9%. 

Days on site 

Properties are taking longer to sell across the Northern Territory compared to a year ago.

In Darwin, days on site has increased from 65 days in February 2021 to 73 days this February. In regional areas the median number of days on site increased slightly to 129 days, up from 128 days a year earlier. 

Demand per listing 

In Darwin, average demand per listing has fallen by 6.3% year-on-year in February 2022 while in regional NT it has increased by 25.8%. 

Australian Capital Territory

Property prices in Canberra increased by 0.9% in February 2022 to be 28.2% higher year-on-year.

Sales volumes 

In February 2022, the number of preliminary sales in Canberra was 23.2% higher than a year ago.

Days on site 

The median days on site for Canberra properties sold in February 2022 has decreased slightly to 24 days, down from 25 days a year earlier. 

Demand per listing 

Average demand per listing in Canberra has fallen from the peak, although in February it still remained 4.1% higher than a year ago.

Originally published as: PropTrack Property Market Outlook – March 2021.