Buyers in Melbourne have the most choice they’ve had in years amid a surge in listings at the start of 2022.
Househunters in the city were treated to an 38.7 per cent increase in month-on-month listing numbers in February, according to a new PropTrack report from realestate.com.au.
For the year, that figure was 14.6 per cent, with property listings well above numbers seen at the start of 2021 — cementing the city’s strong start to the year.
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The numbers for January and February combined alone were the most new listings to come to market at the start of a year since 2012.
Thornbury saw the biggest uptick, with a 147 per cent jump in listing numbers compared to the same time last year.
Taylors Lakes (127 per cent increase), Coburg North (120 per cent), Coburg (119 per cent) and Donnybrook (119 per cent) also surged.
Barry Plant inner north group director Jim Dimitropoulos said it was a “fair marketplace” with more stock available for buyers in suburbs like Thornbury.
“I think overall supply is definitely increasing, which is a good thing for buyers who are sitting on the sidelines,” Mr Dimitropoulos said.
“A lot of buyers are just waiting to see what’s going to happen with interest rates. But we’re starting to see a bit more confidence now with vendors wanting to go to market. The marketplace is still very healthy.”
Mr Dimitropoulos said villa units and properties that were under the $1m were in high demand, with “multiple parties” bidding at auction.
He predicted the autumn and winter markets would remain strong.
“It’s a good sign of what’s to come in the next few months, we’re expecting an increase in stock levels until Easter and solid through winter,” Mr Dimitropoulos said.
“Plenty of choice for buyers. It feels like it will be a great year to buy and get into the market before the next growth phase.”
PropTrack economist and report author Angus Moore said the increase in listings was true of all capital cities, with the country recording its busiest start to the year since 2014.
“As we head into the typically busier Autumn selling season, selling conditions are likely to remain strong over the next few months,” Mr Moore said.
But he warned there “are some headwinds further out”.
“Measures of buyer demand remain strong but do look to be easing from the exceptional levels seen in late 2021,” Mr Moore said.
“At the same time, the record levels of new supply coming to market in the final months
of the year and the busy start to 2022 has helped give buyers more choice and ease how competitive the market has been.”
He added the likelihood of interest rates rising this year or early next year “may
start to cool buyer appetite”.
In regional Victoria, listing numbers rose by 32.1 per cent month-on-month in February, bring some relief to country buyers.
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