Nicola Powell from Domain says growth in residential property listings remains strong as the end of the calendar year approaches. She notes that more than 1,000 auctions have been scheduled in Sydney over each of the next two weekends, while auction numbers will top 1,200 in Melbourne. Powell adds that the number of homes listed for sale is likely to rise in coming weeks, amid strong growth in requests from homeowners seeking an appraisal of the value of their property.
From The AFR:
“This the highest volume of new listings we’ve seen in Sydney on a weekly basis this year, so it seems that more vendors are rushing to sell,” [Nicola Powell] said.
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“I think there’s been various indicators showing that house prices are losing steam, and the rate of price growth is coming off a peak, so that’s probably has been a bit of an impetus for vendors to act, and that’s translating into more new listings”…
The rising inventory had also prompted more vendors to accept off-market offers, said Rich Harvey, chief executive of Propertybuyer…
Dr Powell said: “Melbourne’s new listings climbed by 14 per cent last week, giving buyers greater choice, and sales will continue to rise until Christmas.
“The next few Saturdays will see auction numbers soar past 1200, higher than numbers in recent years. This suggests the flow of new listings could remain strong into next year, giving buyers more choice in 2022”…
Dr Powell said listings were likely to ramp up in the weeks ahead as the number of vendors requesting appraisal on their properties rose.
Other data supports this view. Auction volumes have soared, which has pushed clearance rates lower:
November new listings are also tracking at their highest level since 2015, according to CoreLogic:
In short, the housing market is becoming more balanced with strong buyer demand being met with rising supply.