In recent months, market dynamics have shifted as the near-full market recovery positively influences seller confidence, bringing pent-up supply to market. Sellers have been eager to capture market momentum, as house prices have only $7,000 left to break through to a new record. New listings have been consistently higher than 2022, with auction volumes reaching a 19-month high in November. Despite the rise in listings, prices have continued to increase, albeit slower than the bounce seen earlier in the year. While it could also signal some buyers are feeling the financial squeeze of higher debt costs, mortgage arrears have risen but remain near historic lows. In fact, the proportion of distressed listings has slid to an 18-month low.
