New Listings soar across Melbourne, overtaking Sydney as Restrictions Ease
By Eliza Owen, Head of Research Australia
One of the lessons learned about the property market through COVID-19 is that listings numbers have been extremely responsive to changes in social distancing policies.
Despite an extended lockdown, Melbourne is no exception. Since onsite, private inspections resumed on the 28th of September, new listings volumes have soared. The result is likely due to months of pent-up decisions to sell from vendors and reflects how the real estate transaction process has remained tied to physical inspections.
CoreLogic data shows the number of new listings, or the unique count of dwellings added to the market for sale, has increased around 330% in the four weeks ending the 18th of October. This represents an increase in new listings volumes from 1,606 in the four weeks to September 20th, to 6,974 over the period to October 18th.
This brings total advertised stock on market across Melbourne to just over 21,000 properties in the same period.
A time series of the four-week count of new listings across Melbourne is shown below. The trend over time shows new listings plummeting to levels below the New Year holiday period amid stage 3 and 4 restrictions. Following the 4 week period ending the 27th of September, new listings have bounced significantly.
After months of restrictions, pent-up demand from sellers has accumulated so much, that more stock was recently added for sale in Melbourne than any other capital city region.