Homes for sale surge in 2024, giving buyers most options since the pandemic | PropTrack

Frustrated Aussie home buyers were given a sign of hope after listings jumped year on year to levels not seen since the pandemic. But what was behind the shift?

Rising listings and changing market conditions are creating opportunities for buyers to secure a property.

Frustrated Aussie homebuyers were given a sign of hope in 2024, after being given the most choice and opportunity to secure a home since before the pandemic.

PropTrack’s latest listings report revealed new a 7.9 per cent jump in the calendar year compared to 2023, making it the strongest year since 2021.

PropTrack director of economic research Cameron Kusher said the surge was fuelled by a mix of financial pressures and changing market conditions, as higher interest rates prompted some homeowners to sell, while others took advantage of strong equity gains to upgrade or move.

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“At a national level, many homeowners who hadn’t moved or upgraded in some time took the opportunity to do so, leveraging the substantial equity gains in their properties over recent years,” Mr Kusher said.

Victoria saw significant activity after the state government’s decision to increase taxes on investors pushed some to offload properties.

While the yearly figures showed strong growth, December brought the usual end-of-year slump, with new listings falling by 50.6 per cent compared to November.

PropTrack’s economic research director Cameron Kusher Explains how rising listings and shifting market dynamics are creating new opportunities for Aussie homebuyers.

But the slowdown was less pronounced than the 53 per cent drop recorded in December 2023.

Mr Kusher said the December slowdown wasn’t unusual, as the holiday period traditionally sees reduced market activity.

“December typically sees a significant drop in listings as people avoid selling during the holiday period when many are away, and buyer activity is subdued,” he said.

Mr Kusher said higher interest rates and equity gains have spurred homeowners to sell.

“Capital city prices have increased substantially, making them less accessible for many buyers – in contrast, regional markets remain relatively affordable, which has kept demand metrics stronger there.

“Total listings, climbed 5.7 per cent nationally compared to December 2023 and reaching their highest level for the month since 2020.”

Mr Kusher said Sydney, Melbourne, and Perth saw significant growth in total listings in December 2024 compared to a year ago, up 12.7 per cent, 8 per cent, and 5.9 per cent respectively.

Monthly total for sales listings nationally Source: PropTrack

Monthly total for sales listings nationally Source: PropTrack

Sydney and Melbourne are still edging towards a buyer’s market, with increasing stock levels putting pressure on prices.

For 2025, Mr Kusher predicted a tougher road for sellers, especially in Sydney and Melbourne, where higher stock levels and slowing price growth could create stiff competition for sellers which could see a drop in prices from those desperate to sell.

“Interest rates will also play a pivotal role; if cuts materialise, they could provide relief for the market,” he said.

Melbourne and Sydney are continuing to emerge as a buyer’s market as stock levels rise, creating more choice for frustrated home seekers.

“Election season may further complicate matters, with a federal election expected before late May … and housing affordability is set to remain a hot-button issue for the election.”

Mr Kusher said while meaningful policy changes such as replacing stamp duty with a land tax might be helpful, they are unlikely ahead of the federal election.

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Originally published as Homes for sale surge in 2024, giving buyers most options since the pandemic | PropTrack