LISTING ACTIVITY
While there are a lot of things driving prices upwards , a lack of new listings is one of them . Despite heat returning to the market , new listings are down compared to last year everywhere except Adelaide . Adelaide ’ s median is now exceeding last year ’ s peak and it ’ s likely a factor driving sellers back into the market .
New listings are down but it looks like we ’ re in for a much better spring . Listing authorities ( properties for sale but not yet advertised ) are now at a similar level to 2022 . Although this is Ray White listing authorities only , it still represents over 12 per cent of all listings in Australia . It ’ s also likely other agencies are experiencing a similar trend .
The number of new listings continues to be low but the total number of properties for sale remains historically high . Longer time on market means that the number of properties for sale is exceeding the number of properties sold . It ’ s likely that this will start to reverse over the next six months .
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