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The number of homes for sale in Townsville has fallen.Photo: NCA NewsWire / Dan Peredo
Townsville's property market is getting even tighter, with new data showing homebuyers are facing an almost 18-for-1 decline in the number of properties for sale in the area. ing.
According to the latest PropTrack Listings Report, the number of new properties in Townsville on realestate.com.au fell by 8% in October and was down 14% compared to the same period last year.
This decline in homes coming onto the market resulted in total listings down 2 percent month-over-month and 17.9 percent year-over-year.
PropTrack senior economist and report author Angus Moore said activity in regional Queensland had picked up slightly last month but remained behind the pace set last year, with the number of new listings in October rising compared to the same month last year. It said it decreased by 2.8%.
Angus Moore, senior economist at PropTrack.Photo: Attached
But Brisbane homebuyers now have more options.
“Brisbane's property market has ramped up to its typical mid-spring peak, with more listings than last year for the first time in a year,” Mr Moore said.
“New listings on realestate.com.au in Brisbane increased by 13.7% month-on-month, with activity from August 2022 onwards increasing year-on-year (3.4%).
“Although Brisbane's total number of listings rose 5.4% in October from September, choice remains very limited and is down nearly 40% when compared to typical numbers over the past decade.”
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The number of new listings on realestate.com.au across the country surged towards the typical peak of the spring selling season, increasing 17% month-on-month in October, according to the report.
“This year's spring shopping season has been better so far than last year, particularly in Sydney and Melbourne,” Mr Moore said.
“Both Sydney and Melbourne had a much busier October than last year, which partly reflects how quiet spring 2022 has been.
“Current activity is on par with typical mid-spring periods over the past decade.”
A home at 2A Baldy Street in Hyde Park is newly on the market for $364,000. Photo: realestate.com.au
In regional areas, the number of new listings increased toward mid-spring, increasing by 9.4% from the previous month and 11.1% from the previous year.
The total number of listings in regional Australia increased by 4.8% month-on-month and 11.3% year-on-year.
Moore said October's listings reflect improved sales conditions and greater certainty about interest rate and price increases in most parts of the country this year.
“Particularly noteworthy is that real estate prices have increased every month in 2023, and continued to rise in October,” he said.
“This means that nationally prices have fully recovered last year's decline.”
Mr Moore said the Reserve Bank of Australia (RBA) had raised interest rates by a further 25 basis points in November after four months on hold, but the tight rental market, strong population growth and rising wages continued to drive fundamental real estate demand. He said it would support demand.
