Melbourne is starting to see a surge in new listings, with vendors actively launching campaigns over the past four weeks.
According to CoreLogic, new listings across Melbourne are now 34.8 per cent higher than at the same time last year, while regional Victoria has seen a 39.4 per cent jump.
Victoria has led the country for new listings; however, nationally, they are 18 per cent higher than this time last year, and 7.7 per cent above the five-year average over the past four weeks.
Across Melbourne, there were 8,572 new listings added to the market over the past four weeks, while total listings have also increased to 29,744, which is 13.3 per cent higher than the same time last year and 9.6 per cent above the five-year average.
CoreLogic said there were a number of reasons why vendors are selling across the country.
They noted that previously there had been a ‘dearth of listings’ as vendors sat on their hands during the early phase of the rate hiking cycle.
Additionally, many homeowners could be motivated to sell due to rising levels of financial pressure amid high interest rates and cost of living pressures.
Some might also be looking to de-risk their balance sheets by cashing out of the market following a period of significant growth in values.
More specifically in Melbourne, CoreLogic believes that some of the legislative changes the government has introduced have potentially led to vendors looking to sell.
This includes changes that impact the rights of landlords as well as increased property taxes, along with the ongoing cost of living crisis that is making it more difficult for homeowners to balance their budgets.
Across Victoria, Ballarat has recorded the sharpest increase in listings, with stock levels 31.6 per cent higher than a year ago and more than double the previous five-year average.
Inventory levels in Ballarat have risen from a low base after seeing incredibly low levels of supply during COVID.
While areas of regional Victoria also dominate the highest rankings for the largest rise in total listings, the outer west and north-west of Melbourne have also seen a large rise in advertised stock levels.
Sunbury, Macedon Ranges and Melton-Bacchus Marsh all recorded total listings more than 62 per cent above the previous five-year average.
High supply levels have also been weighing on property prices in these markets; however, values are still well above pre-COVID levels.
CoreLogic notes that buyers currently hold the upper hand in the Melbourne market, but there is still solid interest in most properties.
If you want to learn more or are considering buying property, seeking advice from a buyers agency in Melbourne who provide local expertise through qualified Melbourne buyers agents.
