Australia’s residential property market saw an increase in listings in February, with both new and total listings rising compared to the previous month and year, according to data from SQM Research. Total listings reached 429,325, up 2.3% from January and 4.1% from February 2024.
Much of this growth came from Sydney, where listings jumped 11.6% in a month and 10.5% over the year, the highest among major cities. Melbourne, Brisbane, Adelaide, and Hobart also saw gains, while Perth and Darwin experienced both monthly and annual declines.
New residential property listings saw a 43.6% jump compared to January at 76,159 properties nationwide. This was a 2% increase from February last year. Melbourne, Sydney, and Canberra saw the biggest surges, each posting over 60% monthly growth, while Brisbane and Hobart also recorded strong numbers. However, Perth, Adelaide, and Darwin saw year-on-year declines despite higher numbers in February.
While new properties flooded the market, older listings also increased 0.6% from January, reaching 72,276 properties, a 10.7% rise compared to the previous year. Sydney recorded a 21.1% annual increase, while Melbourne and Canberra also saw older listings rise. In contrast, Brisbane, Perth, Adelaide, and Darwin recorded yearly declines, suggesting stronger turnover in those markets.
Meanwhile, distressed property listings increased 3.5% from January, bringing the total to 4,947. However, they remain 6.9% lower year-on-year. Victoria recorded the highest annual increase at 18.2%, while Queensland and New South Wales saw double-digit declines compared to February 2024. The ACT had the most significant monthly increase at 13.6%.
Asking prices barely moved in February. House prices increased by 0.3%, while unit prices rose by 1.1%, leading to a 0.4% combined increase. Adelaide saw the strongest growth, with house prices up 2.2%. Brisbane recorded a 3.2% rise in unit prices, while Sydney and Melbourne saw smaller increases. Perth and Darwin recorded mixed results, with some categories showing declines.
SQM Research managing director Louis Christopher (pictured above) said that the rise in total listings suggests strong selling activity, but an increase in older listings in Sydney and Melbourne points to a buildup of unsold properties.
“These numbers do not yet reflect any shift in sentiment from either buyers or sellers following the February interest rate cut. Going forward, it is likely we will record another rise in listings for the current month of March. Then, the listings market is likely to go into a bit of a hiatus for the April public holiday period and will stay that way until the Federal Election has concluded,” Christopher said.
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