In the 12 months to November, CoreLogic data suggests there were 479,477 sales nationally, 7.6% fewer than the sales volume to November 2022.

Monthly sales volumes have generally trended higher through to the end of the year, and are above the historic five-year average monthly sales volume of 40,972.

Median days on market

Interestingly, while vendor discounting vastly improved for sellers throughout 2023, in line with the reduction in selling times, CoreLogic data across the capital cities suggests the rate of vendor discounting is now steadying.

New listings

Despite a seasonal slowdown in new listings, CoreLogic data suggests that the flow of new listings got much closer to the historic five-year average during the second half of 2023.

Total listings

At the national level, total listings appear to have witnessed a slight seasonal drop in the four-week period (to 160,757)  to December 3.

While total listings received a kicker off the back of a substantial rise in new listings, they remained 17.7% below the historic five-year average.

Regional markets

Total listings are trending higher than a year ago in most regional markets, as well as Sydney, Melbourne, Hobart and Canberra. The relatively high volume of total listings in these cities relative to a year ago also partly explains the recent softness in capital growth in these markets.

Rental rates

Annual rent value was up 8.1% in November, and 7.2% year-to-date.