Vendors took their foot off the pedal last month, with new listings 8.8 per cent lower than the same time last year.
The PropTrack Listings report found that despite the number of new properties hitting the market dropping 13.6 per cent in March, the total number of homes listed for sale was two per cent higher than a year ago.
PropTrack Economist, Anne Flaherty, said the timing of Easter this year played a key role in the slower month, with the long weekend falling in March instead of April.
“Following the busiest start to the year in over a decade, new for sale listings fell in March as an early Easter brought forward the slowdown in selling activity typically seen in April,” Ms Flaherty said.
Across the combined capital cities, new listings were down 8.5 per cent compared to last year, with fewer new listings seen in every city with the exception of Sydney.
Selling activity also slowed in the rest of state areas, with fewer new listings seen in all regional areas over both the month and the year.
While new listings were down over the month, total listings were sitting two per cent higher compared to 12 months prior, due to the flow on effect of the surge in new listings seen in the back half of February.
Canberra, Melbourne, and Sydney buyers benefited from the largest rise in choice compared to 12 months ago, while those in regional Victoria, NT, and Tasmania saw the largest rise in total listings.
“Despite fewer properties being brought to market in March compared to 12 months ago, total listings remained up year-on-year as a result of the surge in listings seen in February,” Ms Flaherty said.
“Despite the total number of properties listed for sale being higher overall, the median time taken for a home to sell was lower in all states over the month, reflecting strong buyer demand.”
She said buyer demand has been buoyed by a more stable interest rate environment and the expectation that rates have hit their peak and may even decline before the end of the year.
“Further supporting buyer demand has been population growth, which reached a record 659,800 over the 12 months to September 2023,” she said.
