More homes hitting the market, as seller confidence grows
It’s potentially good news for buyers, as low supply was a major element pushing prices higher last year
2 min
A low supply of homes for sale was a key factor pushing prices higher last year, in defiance of well-established historical trends in which home values always fall when interest rates rise. But the tide may be turning in buyers’ favour, with PropTrack data showing a 22 percent increase in new listings coming onto the market across the combined capital cities last month compared to February 2023.
Senior REA economist Angus Moore said the 22 percent lift was the highest increase in new listings across the capitals for the month of February since 2012. “Property markets in capital cities, Sydney and Melbourne especially, saw a strong start to 2024, with the busiest January and February since 2012 across the combined capital cities,” Mr Moore said.
“Supporting this busier start to the year … was strong demand, unemployment that remained low by historical standards, strong population growth, tight rental market conditions, and a more stable outlook for interest rates.”
The Reserve Bank announced on Tuesday that interest rates would remain on hold for a third consecutive month at 4.35 percent.
“Markets are no longer expecting a further increase in interest rates, with an expectation of cuts as soon as the second half of this year,” Mr Moore said.
The biggest increases in new listings were seen in Melbourne with 35.4 percent more homes for sale, along with Sydney at 33.6 percent and Canberra at 32.2 percent. There was an 8.5 percent increase in listings in Brisbane, and only a 2.1 percent increase in Perth and a 1.1 percent increase in Adelaide. Listing numbers dipped slightly in Hobart and Darwin.
There was a 7.8 percent increase in new listings across the combined regional areas, with last month’s volume broadly in line with the pace of activity that has been typical for the month of February over the past decade. The biggest increases in new listings were in regional Victoria at 12.8 percent, regional NSW at 12.2 percent and regional Tasmania at 9.8 percent. Mr Moore said that while new listings increased only 1.6 percent in regional Queensland, this was the first year-on-year increase in new listings recorded since August 2022.
Senior REA data analyst Karen Dellow said recent data from realestate.com.au’s Residential Audience Pulse Survey showed homeowners were feeling more confident to sell. The survey revealed that one in ten owners were contemplating selling their property when the survey was taken in January. Seller confidence has shot up, with 43 percent of respondents considering it a favourable time to sell, up from 34 percent last year.
“Western Australia has the highest seller sentiment, with 63 percent of respondents expressing optimism about the current market, marking a substantial 70.3 percent increase from last year,” Ms Dellow said. “NSW, Queensland, and South Australia have also witnessed substantial growth in seller sentiment over the past year, with NSW up 53.8 percent.”
Ms Dellow said the primary drivers behind increasing seller confidence were rising prices and growing buyer demand. More than a third of sellers anticipated further price rises in the next six months, the survey showed.
“Lifestyle changes, such as relocating to a different area or seeking a property with specific amenities like a pool or more space, were the primary motivations for selling. Downsizing ranked second, reflecting the preferences of Australia’s ageing population seeking properties better suited to their evolving needs.”
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King Living has unveiled a modular version of its Aura Sofa, bringing greater flexibility to the sculptural design collection as demand grows for furniture that can adapt to changing lifestyles.
2 min
Australian furniture brand King Living has expanded its Aura Collection with the launch of a new modular sofa designed to blend contemporary aesthetics with adaptable living.
The Aura Sofa builds on the success of the Aura Island range, first introduced in 2023, which included indoor and outdoor sofas as well as fixed and swivel occasional chairs.
The latest evolution introduces modular functionality to the collection, allowing homeowners to configure the sofa to suit a variety of spaces and uses.
As living spaces continue to evolve, particularly in urban environments where flexibility is increasingly valued, furniture designers are placing greater emphasis on products that can adapt over time.
King Living says the new Aura Sofa has been developed with this trend in mind, enabling customers to create corner, L-shaped or U-shaped layouts, while also allowing additional modules to be added as needs change.
King Living founder David King said the original Aura concept began as an exploration of sculptural design before being reimagined as a modular system.
“Aura began as an exploration of sculptural form. Now, we’ve brought modularity into that design language, giving the freedom to reimagine your space with a modular design made for flexibility,” he said.
The collection’s defining feature remains its soft, flowing silhouette, with curved forms replacing traditional angular sofa designs.
The company describes the sofa as a response to changing lifestyles, where living rooms increasingly serve multiple purposes, from entertaining guests and family gatherings to quiet reading corners and work-from-home spaces.
Its rounded profile and minimalist aesthetic are intended to enhance the flow of contemporary interiors while maximising available space. According to the company, the design is equally suited to compact apartments and larger open-plan homes.
“Today, living space is both a luxury and a constraint. Aura is our response, a purposeful design that proves when intention and fluidity converge, the result can feel both expansive and refined,” King said.
Beyond aesthetics, the new sofa incorporates several engineering features synonymous with the King Living brand.
These include the company’s Postureflex steel suspension system, extra-high pocket springs and its signature steel frame, which is backed by a 25-year warranty. The company says the design has been engineered to deliver long-term comfort and durability.
Sustainability has also been a focus of the design. Each module features a removable cover that can be professionally cleaned, repaired or replaced individually, reducing the need to replace an entire sofa and potentially extending the product’s lifespan.
The Aura Sofa is available made to order in a range of premium fabrics and European leathers, allowing customers to tailor the piece to different interior styles and colour palettes.
Designed, manufactured and sold exclusively by King Living, the Aura Sofa launched in showrooms and online early this month, marking the latest addition to the Australian company’s growing portfolio of modular furniture designs.
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