The property market recovered significantly because of the rising number of property listings in 2024. In terms of national figures, it shows growth of 7.9% compared to last year, 2023, and in terms of the 5-year annual average, it is 8.9% higher despite the high-interest market.
(Source: RealEstate)
In the past 5 years, some capital cities did well with property listings. For instance, Canberra had the major rise in property listings, higher by 25%, followed by Melbourne and Sydney, at 22% and 18%, respectively. This means that in 2025, these cities may offer more affordable housing options for both property owners and homebuyers.
But it took so long for them to recover from 2022 to 2024. Conversely, in Adelaide, listings decreased by 1%, but it did not create much impact on demand for affordable options that contributed to high property prices therein. This led homebuyers to look for better options in regional areas.
During changing economic conditions, Adelaide, Brisbane, and Perth performed flexibly while maintaining stable volumes of listings. While in regional Victoria, the new listings continued to increase by 8%, followed by South Australia, Tasmania, and New South Wales at 7%.
Additionally, in Sydney’s regional areas, such as Ryde and South West, the major growth volume was seen. This highlighted the flexibility of these regions towards the complex economic environment. However, the increase in these listings was not just impacted by economic conditions but also impacted by the decisions of homeowners to sell.
For example, 1 in 10 homeowners decided that this was the right time when they should sell out their houses due to their own situations. Also, improving financial wealth played a major role in increasing listings, as observed in Perth. 1 in 5 homeowners saw significant growth in these areas, mainly in Perth, which led them to decide to sell their properties. By this, homeowners build their equity, which creates opportunities for them to improve their homes or move them to neighbourhoods.
It means in 2025, if the potential rate cut is there from RBA, then we can see more affordable housing options in varied cities along with improvement in buyer and selling activity. For example, cities like Melbourne and Sydney might offer low housing prices, which might increase investment activities with higher investment returns. Also, for first-time home buyers, this might bring relief from searching for other affordable housing options.
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