Vendors are looking to capitalise on rising prices with a surge in new listings hitting the market across Sydney and Melbourne.  

According to PropTrack, new listings jumped 27.7 per cent year-on-year in Sydney, marking the most active start to the year since 2011.

New listings increased even more in Melbourne, up 27.8 per cent compared to the same time last year making it the busiest start since 2008.  The number of new listings was up 12 per cent nationally from last year after the strong rebound in the property market boosted confidence.

New listings were also strong in Hobart (up 4.3 per cent year-on-year) and Canberra (up 13.2 per cent year-on-year). It was the busiest start for new listings on record in Canberra, and the most active since 2014 in Hobart. Brisbane (up 4.8 per cent) and Adelaide (up 9.9 per cent) also recorded more new listings this year than in 2023, though it was not unusually strong.

In contrast, Perth (down 0.4 per cent) recorded slightly fewer new listings this year than at the same time last year. Regional NSW (up 12.3 per cent) and regional Victoria (up 8.4 per cent) recorded strong increases in activity compared to twelve months ago, while regional Queensland (down 5.2 per cent) was quieter.

Across the combined regional areas, the total number of properties listed for sale was up 9.4 per cent year-on-year. Regional Queensland (down 12.6 per cent year-on-year) and regional WA (down 10.6 per cent year-on-year) defied this trend.

The total number of properties listed for sale was up 1.2 per cent month-on-month, to be 4.5 per cent higher than a year ago. For buyers, there is an increasing level of choice in Sydney, Melbourne, Canberra, and Hobart, as the total number of properties listed for sale is above, or within 10 per cent, of the average over the past decade across all four cities.

With interest rates remaining steady since November, PropTrack believes that the decision by the Reserve Bank of Australia (RBA) has helped boost vendor confidence. They said that while there is a possibility of further interest rate increases if inflation is more stubborn than currently expected, financial markets are not expecting that will occur.

Instead, financial markets are now expecting interest rates to decline later in the year, which will add to the confidence for both buyers and sellers.