June 2024 quarter
Sellers are keen to capitalise on market momentum, bringing a steady stream of new listings for sale. New listings are 8% above last year’s numbers and 9% above the five-year average. Although new listings take a seasonal dip during the winter months, this June saw the highest volume since 2022. At the same time, the total number of homes for sale is rising annually — up by 12%. As the absorption of listings slows and buyers have more options, it could take further momentum out of price growth.