Nerida Conisbee
Ray White Group
Chief Economist
What’s the best way to measure upcoming listings? For us at Ray White, it’s to take a look at listing authorities. Listing authorities are the point at which a vendor signs a Ray White agent to sell their home, prior to the property being advertised. While we don’t sell every home in Australia, we do have close to a 15 per cent market share which gives us a good insight into what is happening more broadly.
Therefore, it’s good news for buyers that there are plenty of properties coming to market. Nationally, listing authorities, measured as a 28 day rolling sum up until August 18, are at the highest level we have ever recorded since tracking this series.
All states are recording strong volumes of listing authorities coming into spring. There are plenty of properties coming to market which is great news for buyers.
Victoria/Tasmania are recording the strongest increase since last year, followed by South Australia/Northern Territory. NSW/ACT are showing an increase but this is the smallest increase since last year.
Why are so many people wanting to sell their homes? It is likely to be a range of factors, and not just driven by market strength.
We are continuing to see very strong price growth in Perth, Adelaide and south east Queensland and opportunities to take advantage of this momentum is likely a driver in these areas. In Melbourne, prices are stable but there are additional taxes that have been put in place targeting investors which have made owning a rental property less attractive.
In Hobart, prices are now falling off the back of very low population growth which may also be encouraging people to market.
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