Property market activity was marginally softer in June than May for the start of the typically quieter winter period.  

New PropTrack Listings data for June found that new listings on declined slightly by 0.7% month-on-month.  

New listings declined across the capital cities, though the decline was more modest than typically seen in June. They fell just 0.9% month-on-month.  

PropTrack Economist Angus Moore said activity in property markets was marginally softer in June than in May as the autumn selling season ended and the usually quieter winter period started.  

“However, the decline in activity was somewhat smaller than is typically the case, with select markets, like Sydney, even seeing a small increase in activity,” Moore said. 

“Even so, 2023’s trend of slower property market activity continued, with all capitals seeing fewer new listings this June than last year. With demand remaining solid, we may be seeing a concentration of buyer attention on a smaller flow of new properties hitting market.” 

Some cities even saw a small increase in new listings, including Sydney (1.2% month-on-month), Brisbane (6% month-on-month) and Canberra (4.6% month-on-month)

Despite the smaller-than-typical monthly decline, new listings in capital cities were still down 14.6% compared to June 2022.  

Selling conditions have improved compared to late 2022, with prices rising and auction clearance rates firming up. 

Moore said activity was likely to be mildly subdued over the next couple of months during the typically quieter winter period, before activity started to pick up again for the spring selling season, and the usual seasonal peak of activity in October and November.  

“Selling conditions have improved compared to the second half of 2022. Auction clearance rates have picked up noticeably compared to late last year and remained solid throughout autumn and into the start of winter,” Moore said.   

“Home prices are also recovering after the downturn last year and increased in June for the sixth consecutive month. Further out, the fundamentals of housing demand remain strong. Rental markets are extremely tight across much of the country amid strong demand and limited rental availability. 

“International migration has resumed, which will further add to housing demand. Unemployment is still sitting close to a five-decade low and labour demand has only mildly moderated. Wages growth has picked up, and there are signs the peak of inflation is behind us. Interest rates may also be nearing their peak, which could provide a sense of certainty to buyers and sellers.” 

The total number of properties listed for sale across Australia declined in June compared to May, falling 2.5%.