Four capital cities reported monthly gains in new residential property listings over the past month, indicating strong seller sentiments that bucks the overall dip on a national level.
According to the latest report from the REA Group, new listings have increased in Adelaide (37.3%), Hobart (22.4%), Sydney (11.9%), and Perth (7.2%) in August, defying the overall monthly fall of 2.3%.
REA Group director for economic research Cameron Kusher said these robust results from these four cities indicate a bright outlook for the spring-selling season, particularly for the lockdown-stricken Sydney.
"While the national property market slowed in August with a number of states in lockdown, announcements from the NSW Government about a pathway out of lockdown, coupled with the ongoing ability to conduct one-on-one inspections, instilled confidence in Sydney sellers," he said.
Sydney's eastern suburbs and the North Sydney and Hornsby regions reported a substantial increase in new properties in the market.
"With ongoing high levels of buyer demand and sellers delaying listing through lockdown, we anticipate new listings will rise quickly as restrictions ease," Mr Kusher said.
Busy spring for Adelaide
Mr Kusher's anticipation has already happened in Adelaide, which witnessed a whopping increase in new listings in August after the snap lockdown in July.
Buyers in Adelaide's Western and Southern regions had more choice as suburbs reported almost 50% increase in new listings over the month.
With these encouraging market conditions, the total listings in Adelaide have increased by 2.2% in August, with North Adelaide having the most properties available for sale that accounted a third of the city's overall supply.
These gains in demand, however, might not be enough for the growing demand for properties in South Australia.
Data from Raine & Horne showed a 30% annual surge in interstate buyer enquiries for properties in South Australia in March 2021.
Raine & Horne general manager James Trimble said interstate buyers are attracted by the great value and returns from property in South Australia.
"In Adelaide, we don’t have enough properties for sale to meet the demand of local first home buyers, upgraders or downsizers, let alone interstate buyers seeking to call South Australia home," he said.
"The combination of more local and interstate buyers and fewer listings coming to market means we expect a bumper spring 2021 selling market for those vendors who choose to list between now and Christmas."
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