New property listings hit a record high for the month of May recording 18% higher than the same period in 2023 and 7.7% higher than the last five year average. Over the past 4 weeks, 38, 258 new properties were added to the real estate market for sale across Australia.

This high level of new activity has been attributed to several factors:

1)    Previous lows in properties for sale as vendors held off during the earlier phase of the interest rate increases.

2)    Higher motivation to sell with the rising cost of living and increased home loan repayments

3)    Investors looking to cash in on the recent period of significant property growth invalue.

All capital cities andthe rest of the state recorded an increase in new listings except for Hobart which was down -2.4% from the same time last year.

The highest increases were in Regional Victoria which is up 39.4% on last year and Melbourne which recorded an increase of 34.8% on May last year.

Although the number of new listings has increased, the overall number of properties for sale on the current market is still relatively low, tracking -3% from the same time a year ago.

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