Vendor confidence has lifted across the country, with new listings surging 3.8 per cent last month according to new data.
The PropTrack Listings report found that it was the strongest April since 2021 for new listings and 2020 for total listings.
New listings were up 40.4 per cent year-on-year across the combined capital cities, with new listings higher than a year ago in each capital city market.
PropTrack Director Economic Research, Cameron Kusher, said following a pullback in new listings in March due to Easter, there was a strong lift in new listings in April, indicating ongoing vendor confidence.
“Although home prices have remained buoyant in early 2024, the surge in new listings has seen the total number of properties advertised for sale mount, particularly in Sydney, Melbourne and Canberra,” Mr Kusher said.
“Despite the increase in properties available for sale, other indicators signal that buyer demand remains strong such as median time on market declining and overall enquiries rising compared to a year ago.”
Canberra, Melbourne and Sydney have seen the largest rise in total listings over the past year amongst the capital cities, while Perth, Adelaide and Brisbane have experienced the largest falls.
Each capital city except for Hobart and Darwin recorded a rise in new listings in April.
Sydney and Melbourne, along with Hobart and Canberra, continue to see a heightened number of total listings for sale with 16.1 per cent, 21.4 per cent, 11.1 per cent and 29.7 per cent more properties available for sale in April 2024 than a year earlier, respectively.
“It is no wonder that these markets are seeing comparatively slower price growth than elsewhere with buyers having more choice,” Mr Kusher said.
In contrast, the total number of homes listed for sale was lower in Brisbane, Adelaide, Perth and Darwin compared to 12 months ago.
Meanwhile, in regional markets, only regional Queensland recorded a monthly lift in new listings.
Compared to April 2023, regional Northern Territory was the only market to record fewer new listings.
In regional markets, the new listing environment was much less impacted by Easter and holidays, with most seeing a decline in new listings compared to March.
Total listings were lower over the year in regional Queensland and regional Western Australia, while they were much higher over the year in most other areas.
Regional Victoria had the strongest year-on-year growth in total listings, with the number of homes for sale up 30.4 per cent.
Regional Tasmania and regional Northern Territory followed, with total listings up 25.1 per cent and 21.9 per cent respectively over the year.
“As we move into the typically quieter winter period of the year for new listings, it will be interesting to observe conditions over the coming months,” Mr Kusher said.
“Many people were looking for interest rate cuts to occur later this year, which buoyed buyer and seller confidence.
“Although rate cut expectations have now pushed into 2025, they remain stable and at historically moderate levels.”
