Key takeaways
In April 2024, the number of national residential property listings decreased by 6.4%, falling from 256,000 recorded in March 2024 to 239,660 dwellings.
Nationally, new listings (Less than 30 days) recorded a 15.7% decrease in April, with 66,871 fresh property listings entering the market.
National combined dwelling asking prices has risen 0.5% from March to April 2024.
April recorded a 6.4% decrease in nationwide residential property listings, according to the latest data from SQM Research.
The total listings now stand at 239,660 properties, a decrease from the 256,000 recorded in March 2024.
Notably, all major cities recorded a large decrease in their listings due mostly to the Easter public/school holiday period.
Over the course of a 12-month period, there are 5.6% more listings than recorded back in March 2023.
Sydney and Melbourne now record 12.8% and 17.7% more listings than this time, last year.
Brisbane, Perth and Adelaide remain in a decreasing trend, reporting a fall of 8.3%, 27.4% and 12.2%, respectively over the 12-month period.
Total Listings of Properties for Sale
| City | April 2024 Total | March 2024 Total | April 2023 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 29,506 | 32,803 | 26,169 | -10.1% | 12.8% |
| Melbourne | 39,137 | 41,297 | 33,264 | -5.2% | 17.7% |
| Brisbane | 16,652 | 18,130 | 18,162 | -8.2% | -8.3% |
| Perth | 13,718 | 15,266 | 18,903 | -10.1% | -27.4% |
| Adelaide | 8,365 | 9,158 | 9,529 | -8.7% | -12.2% |
| Canberra | 4,003 | 4,208 | 3,081 | -4.9% | 29.9% |
| Darwin | 1,483 | 1,577 | 1,535 | -6.0% | -3.4% |
| Hobart | 2,948 | 3,095 | 2,613 | -4.7% | 12.8% |
| National | 239,660 | 256,000 | 227,020 | -6.4% | 5.6% |
Source: SQM Research
New Listings
Nationally, in April, there was a 15.7% decrease in new property listings (less than 30 days old), with a total of 66,871 properties listed.
All cities experienced declines in new listings compared to the previous month.
The largest decreases were seen in Sydney, Canberra, and Hobart, with declines of 19.8%, 16.3%, and 26.7% respectively.
Brisbane and Perth both showed a 14.3% decrease in listings, respectively.
New Listings of properties for sale (less than 30 days)
| City | April 2024 Total | March 2024 Total | April 2023 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 12,940 | 16,142 | 10,225 | -19.8% | 26.6% |
| Melbourne | 15,804 | 18,340 | 12,357 | -13.8% | 27.9% |
| Brisbane | 7,014 | 8,182 | 5,923 | -14.3% | 18.4% |
| Perth | 5,610 | 6,549 | 5,553 | -14.3% | 1.0% |
| Adelaide | 3,756 | 4,303 | 4,162 | -12.7% | -9.8% |
| Canberra | 1,531 | 1,829 | 1,230 | -16.3% | 24.5% |
| Darwin | 237 | 244 | 364 | -2.9% | -34.9% |
| Hobart | 610 | 832 | 615 | -26.7% | 0.8% |
| National | 66,871 | 79,296 | 60,457 | -15.7% | 10.6% |
Source: SQM Research
Old Listings
In April, older listings (properties listed for over 180 days) recorded an 8.8% increase over the past 12 months.
Notably, most cities recorded a decrease in older stock during the month but the change in the number of old listings is not significant.
Old listings (greater than 180 days)
| City | Apr-24 | Mar-24 | Apr-23 | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 5,191 | 5,207 | 5,662 | -0.3% | -8.3% |
| Melbourne | 7,833 | 7,877 | 8,437 | -0.6% | -7.2% |
| Brisbane | 2,144 | 2,262 | 3,122 | -5.2% | -31.3% |
| Perth | 1,881 | 2,183 | 4,175 | -13.8% | -54.9% |
| Adelaide | 1,147 | 1,207 | 1,342 | -5.0% | -14.5% |
| Canberra | 556 | 584 | 522 | -4.8% | 6.5% |
| Darwin | 657 | 647 | 625 | 1.5% | 5.1% |
| Hobart | 956 | 896 | 698 | 6.7% | 37.0% |
| National | 68,793 | 69,542 | 63,249 | -1.1% | 8.8% |
Source: SQM Research
Distressed Listings
According to SQM Research's latest report in April 2024, the count of residential properties sold under distressed conditions in Australia has decreased slightly to 5,256.
This marks the second consecutive fall in distressed activity, nationwide
In Tasmania distressed activity continued to rise (albeit from low numbers), rising by 17.7% for the month and up by 27% for the year, suggesting an increasing number of Tasmanian sellers are struggling.
Conversely, VIC and WA experienced declines of 2.9% and 6.5% respectively.
ACT recorded a rise of 4.3% in April 2024.
QLD distressed activity rose for the month but is still well down by 20.6% for the past 12 months.
Distressed Property Listings
| State | 24-April Total Listings | Monthly change | Yearly change |
|---|---|---|---|
| NSW | 1,296 | -2.5% | 7.2% |
| VIC | 995 | -2.9% | 16.8% |
| QLD | 1,725 | 0.8% | -20.6% |
| WA | 788 | -6.5% | -25.9% |
| SA | 212 | 0.5% | -20.6% |
| ACT | 24 | 4.3% | -31.4% |
| NT | 103 | -7.2% | -1.9% |
| TAS | 113 | 17.7% | 27.0% |
| National | 5,256 | -1.8% | -9.3% |
Source: SQM Research
Asking Prices
The national combined dwelling asking price rose by 0.5% to record a median dwelling asking price of $837,202.
Asking prices for capital cities increased by 0.2%, marking an 8.6% rise compared to April 2023.
Sydney, Melbourne and Darwin's combined asking price saw a notable decrease of 0.2%, 0.4% and 1.8%, respectively, from March to April 2024 but Sydney and Melbourne are still up by 6.5% and 6.0% for the 12 months to March 2024.
Sydney Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,894.694 | 6.026 | -0.7% | 7.2% |
| All Units | 807.226 | 7.674 | 1.6% | 5.9% |
| Combined | 1,456.734 | 6.690 | -0.2% | 6.5% |
Source: SQM Research
Melbourne Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,256.244 | -4.344 | -0.5% | 7.0% |
| All Units | 605.522 | 0.578 | -0.1% | 2.6% |
| Combined | 1,053.154 | -2.808 | -0.4% | 6.0% |
Source: SQM Research
Perth Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 980.718 | -2.771 | 1.3% | 17.2% |
| All Units | 506.757 | -0.777 | -0.2% | 16.5% |
| Combined | 857.565 | -2.253 | 1.1% | 16.9% |
Source: SQM Research
Brisbane Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,094.860 | 10.259 | 1.8% | 15.2% |
| All Units | 606.249 | 3.951 | 1.8% | 19.5% |
| Combined | 973.255 | 8.689 | 1.8% | 15.7% |
Source: SQM Research.
Adelaide Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 895.331 | -2.295 | 1.8% | 15.6% |
| All Units | 462.728 | 1.872 | 4.8% | 14.8% |
| Combined | 817.745 | -1.548 | 2.1% | 15.5% |
Source: SQM Research
Canberra Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,176.210 | 4.915 | 0.2% | 12.4% |
| All Units | 594.121 | -1.871 | -0.1% | 1.4% |
| Combined | 965.207 | 2.455 | 0.1% | 9.5% |
Source: SQM Research
Darwin Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 657.837 | -8.837 | -2.2% | -2.4% |
| All Units | 368.626 | -1.126 | -0.6% | -3.4% |
| Combined | 544.401 | -5.813 | -1.8% | -2.7% |
Source: SQM Research
Hobart Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 791.273 | -0.455 | -1.0% | -0.5% |
| All Units | 526.163 | 8.655 | 4.7% | -2.9% |
| Combined | 751.415 | 0.915 | -0.4% | -0.8% |
Source: SQM Research
National Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 918.364 | 6.140 | 0.5% | 11.8% |
| All Units | 538.597 | 0.484 | 0.3% | 5.0% |
| Combined | 837.202 | 4.931 | 0.5% | 10.7% |
Source: SQM Research
Capital City Average Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,363.641 | 3.921 | -0.2% | 9.2% |
| All Units | 682.292 | 2.436 | 2.1% | 7.1% |
| Combined | 1,163.511 | 3.485 | 0.2% | 8.6% |
Source: SQM Research
Final note...
Listings were down in April due in large part to the school holiday/Easter period however we note the continued year-on-year rise at the national level.
Total listings have been returning back to their normal long-term average levels after recent years of being in acute shortage.
I also note that asking prices, while they did rise nationally by 0.5%, fell in our two largest capital cities signalling some vendor caution and eagerness to meet the market.
We will be watching this indicator more closely over the weeks and months ahead.
As the realisation sets in for all market participants that an interest rate cut is not imminently coming, we expect market caution to build over the winter months and so do not at this time rule out some housing price falls in our largest capital cities for the 2nd half of 2024.
