A surge in for-sale listings tipped to dampen home price growth
The forecast slowdown comes on the back of sharp increases in home values
3 min
The number of new for-sale listings has been stubbornly sluggish for much of the year, but there are growing signs would-be vendors are finally feeling confident to go to market.
New analysis indicates this surge in supply is likely to put the brakes on a renewed boom in property prices being seen across much of the country.
According to data from research firm CoreLogic, national home values rose 2.9 percent in the three months to July – the highest quarterly movement since January.
Across the capital cities, values were up 0.8 percent last month – down slightly from a 1.2 percent lift seen in June.
Prices are rising fastest in Sydney, with a whopping 4.5 percent jump in the three months to July.
Prices rose 4.2 percent in Brisbane in the quarter, while Adelaide and Perth each recorded a 3.2 per cent increase. Values in Melbourne were up two per cent.
“Home values are down 3.4 percent annually, but declines are quickly subsiding from an eight per cent drop in the year to March,” Eliza Owen, head of residential research at CoreLogic, observed.
Data shows the number of new listings nationally hit 33,616 in the four weeks to 30 July, trending slightly higher through the month, which she noted is unusual for this time of year.
“The flow of new listings added to the market has been rising since mid-June, in contrast to the usual seasonal trend where new vendor activity would be trending lower through the colder months.”
With more homes hitting the market ahead of the traditionally busy spring selling season, Paul Ryan, economist at data house PropTrack, said price growth could dampen in the months ahead.
“There have been some tentative signs that sellers are responding to continued strong buyer demand and higher prices by bringing more listings to market,” Mr Ryan said.
PropTrack modelling shows a low level of new listings could be responsible for as much as a quarter of the price growth seen this year, and the impact of low supply can be felt within a few months.
“This analysis suggests that a stronger flow of listings could weigh on home price growth later this year as the market gears up for the spring selling season,” Mr Ryan said.
“And importantly, it shows the impact on prices is likely to be felt quite quickly after any new listings are brought to market – within one to two months.”
Mr Ryan said property markets have “displayed a remarkable turnaround in 2023”.
“Home prices fell persistently over 2022, down 4.1 percent from April to December, during the sharpest episode of interest rate increases ever implemented by the Reserve Bank,” he said.
“But 2023 has seen national home prices increase each month, up 2.8 percent so far this year, despite continued increases in interest rates.”
One major factor for the rapid turnaround in price movements is the low supply of new listings hitting the market, he said. Buyer demand has remained strong.
“The flow of new listings over the first half of 2023 was around 15 percent below the level seen over the same period in 2022, which represents a significant decrease.
“By contrast, the total number of homes on the market has mostly drifted upward as homes take longer to sell compared to the strong market conditions in 2021.”
Two coming 2027 models – the first of the “Neue Klasse” cars coming to the U.S. early next year – have been revealed.
A&K Sanctuary unveils Kitirua Plains Lodge, a sustainability-focused luxury property shaped by landscape, local craft and contemporary safari architecture.
After half a century in the same hands, The Palladium blends Art Deco heritage, cinematic history and beachfront living in one extraordinary offering.
3 min
In Sydney’s Northern Beaches, there are plenty of homes with a multimillion-dollar view and an enviable position close to the sand.
This unique listing has all that, but it has also earned its page in the local history books.
After 50 years in the same hands, The Palladium in Palm Beach—once a famed dance hall, then a restaurant, a private residence, and an artists’ studio—is now back on the market with a price hopes of $13.5 million through BJ Edwards and David Edwards of LJ Hooker Palm Beach.
Positioned in a rare corner spot where Ocean Rd meets Palm Beach Rd, The Palladium has been front and centre observing the famous sandy stretch for almost a century.
Built in the early 1930s, the Art Deco building was originally conceived as a vibrant community dance hall; the “it” place to be for young folk during Sydney’s thriving interwar period.
Often the dances were held to raise money for the Palm Beach Surf Life Saving Club, and newspaper reports of the time told of rowdy parties lasting until the early hours, bootleg liquor arrests, and where shorts and sandals—or even pyjamas—were scandalously worn by “both sexes”.
Over the decades, The Palladium has worn many hats.
By 1943, the original owner, Joseph Henry Graham, had defaulted on his loan, and a mortgagee sale reportedly sold the building for £1550, which translates to about $137,000 today. It later became a dining space and a general store run by the Milton family. In the 1960s and early 1970s, the property was also home to the Blue Pacific Restaurant.
The current owners acquired the keys in 1976 when it began its next chapter as a creative hub. One of today’s vendors, filmmaker David Elfick, who has been a filmmaker and producer on such films as Newsfront and Rabbit-Proof Fence, has told stories of a free-spirited creative hub that has been used for film sets, to store numerous movie props, as editing rooms, to hold countless parties and has even hosted visiting members of the Royal Shakespeare Company.
From its famed beachside soirees to its grassroots film club nights, the venue has become woven into the cultural fabric of Palm Beach.
Today, that rich history has been reimagined into a coastal home that honours its past while embracing contemporary beachside living.
Built in a unique architectural style known as streamline moderne, the aeroplane hangar-like building reflects the era’s fascination with air travel, mass transport, and modernity. The facade is defined by a sweeping curved roofline and subtle nautical cues.
The main residence features a vast central living space framed by a number of bedrooms and sunrooms, as well as a front dining room and kitchen. In total, there are four to five bedrooms, three bathrooms and a powder room adjoining an upstairs loft space.
Big, broad windows draw in loads of natural light and provide iconic views, plus the sounds of the beach just across the road.
Many of the original elements remain, most fittingly the polished floors of the former dance hall. In the additional building at the back of the block, there is a separate, self-contained studio with its own bedroom, bathroom, kitchen and laundry. From its elevated deck, the outlook stretches across the full sweep of Palm Beach.
Outside, the expansive 1151sq m land parcel also features established gardens with veggie patches and standalone decks for quiet contemplation.
Sitting just across the road from the beach, the property is also within walking distance of local cafes and the surf club. Palm Beach Rock Pool is at one end of the beach, with the Palm Beach Golf Club and the water airport at the other end of the peninsula.
The Palladium and Palm Beach Studio at 16 Ocean Rd, Palm Beach are listed with BJ Edwards and David Edwards of LJ Hooker Palm Beach via a private treaty campaign with a price guide of $13.5 million.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Barnet, in North London, lays claim to two of the country’s most expensive roads to own a home.
