'Wouldn’t hesitate’: What's behind the biggest pre-spring city real estate rush in over a decade

Capital city new listing volumes were 1.6% higher year-on-year (YoY) in August and were the highest they have been in August since 2012, new PropTrack data has shown.  

The upswing was led by Sydney and Melbourne – home to more than 10 million people combined – which recorded their highest number of new listings for the month of August since 2012 and 2011, respectively. 

The boost in new listings will come as a relief to homebuyers living in these major cities, where housing affordability and cost of living have been top-tier issues.  

Experts say the influx of new homes for sale should provide more choice and reduce competition levels for buyers, as well as slowing home price growth.  

Nationally, new listings were 6.6% higher month-on-month (MoM) in August, although they were 0.7% lower YoY.  

The total number of property listings were 1% higher MoM across the country and 4.5% higher YoY. 

PropTrack director of economic research Cameron Kusher said national new listing volumes rose for the fourth time in the past five months in August, to be at their highest since May 2024.  

“While national new listings were slightly lower than a year ago, August marked the 14th consecutive month in which new listings were higher year-on-year in Sydney and the fifth consecutive month they were higher annually in Melbourne and Brisbane,” Mr Kusher said. 

“The capital cities have seen a 1.6% rise in new listings year-on-year while new listing volumes have lowered in regional markets, declining 4.7% year-on-year.  

PropTrack director of economic research Cameron Kusher said the strong new listings environment has resulted in more choice for buyers.

“The ongoing strong new listings environment has resulted in more choice for buyers with total properties advertised for sale up 4.5% in August from a year earlier.  

“While the strong volume of new listings and total properties for sale is an indicator of seller confidence, it remains a key contributor to slowing home price growth.” 

Canberra and Sydney saw the biggest increases in new listings compared with the same time last year, both up 4.3% YoY.  

Sydney-based real estate expert and BresicWhitney chief executive Thomas McGlynn said this spring was a great time to buy.  

"We're likely to see interest rates come down in 2025 and I believe it will have an impact on the market,” he said.  

Interest rate cuts are often said to be a precursor to home price growth because buyers are likely to have more of their money to spend and tend to feel more financially confident about the future.  

“I wouldn't hesitate, and I wouldn't wait too long if I was a buyer because if you do, you might be thinking next year 'Oh, I wish I bought in 2024'.” 

Hobart recorded the steepest yearly decline in new listings, down 17% YoY, followed by a 15.7% drop in Darwin.  

The Perth home at 10 Salisbury Street, Leederville has just been listed for sale. Picture: realestate.com.au/buy

Canberra also posted a 22.4% YoY increase in total listings, trailed by Melbourne where total listings were 15% higher YoY.  

Perth recorded the most significant fall in total listings YoY, down 19.7% compared to a year ago, with total listings in Adelaide also 14.1% lower YoY.  

Perth-based real estate agent and Duet Property Group director Michelle Kerr said buyers were sometimes in a position where they are competing with three, five or even 10 other buyers for the same property in Western Australia’s capital.  

“My advice to buyers would be make sure that you’re in a position to make a decision and buy the home of your dreams when you find it," she said.   

“Make sure you have organised your finance, are well researched and ready to go.  

“Due to the competition in the marketplace, subject to sales are becoming very rare, so if you need to sell your home before purchasing the process requires a little bit more thought and organisation.  

“Buyers are increasingly needing to become a little bit more creative around organising their property move.” 

The combined regional markets saw a 4.7% decline in new listings YoY, while total listings were 4.3 % higher compared to the same period in 2023.