Spring 2024 Shows Mixed Real Estate Trends Across Australia

Spring is traditionally a vibrant time for real estate, with increased activity as properties showcase their best features. However, the 2024 spring selling season may present unique challenges. Recent CoreLogic data indicates that while the East Coast has seen a significant 18.2% rise in new listings and an 8.3% increase in sales over the past decade, some sellers might need more time due to lagging demand.

In cities like Melbourne, Hobart, and Sydney, there needs to be more certainty about whether demand will match the influx of new listings. As winter recedes, buyers and sellers are gearing up for a busy season, hoping to finalise transactions before the holiday season. However, broader market factors, including interest rates, will be critical.

Historically, spring sees the highest listing boosts in colder climates, with Melbourne and Sydney leading the way. Yet, past downturns (2015, 2017, 2018) remind us that increased listings don't always equate to heightened demand, especially in major cities.

CoreLogic's data highlights a regional disparity: Melbourne faces an oversupply with 5,400 more listings than sales, while Perth and Adelaide experience more robust sales than new listings. As a result, sellers in Adelaide and Perth might benefit from reduced competition, whereas those in Melbourne and Hobart could struggle due to high inventory levels.

Local market conditions are crucial for those considering listing their properties. Brisbane, Adelaide, and Perth currently favour sellers due to low stock, while Melbourne’s Sunbury and Hobart’s Brighton show high inventory and subdued buyer interest. CoreLogic advises potential sellers to carefully evaluate their local market before listing this spring, as a rise in new listings might not immediately translate into increased demand.

In summary, the 2024 spring market could test the depth of property demand. While new listings are expected to surge, whether demand will keep pace remains to be seen. This season, keeping an eye on local market trends will be essential for buyers and sellers.

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