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The property market is starting to lose steam, shifting from being a seller\u2019s market to become more balanced between buyers and sellers.<\/p>\n
According to PropTrack, while the number of homes for sale increased in November, demand seemed to have softened as views per listings declined on realestate.com.au.<\/p>\n
In fact, views per listing fell 9% in November, down from a historic high achieved in October.<\/p>\n
Meanwhile, weekly searches declined by 16.2% over the last seven consecutive weeks.<\/p>\n
Still, search volumes remained historically high and could remain stable at their current level over the coming months following the holiday slowdown.<\/p>\n
Email enquiries to agents also declined in the month, down by 22% to the lowest volume since July.<\/p>\n
States emerging from lockdown recorded the most substantial decline in email enquiries to agents, with Victoria striking the biggest slump at 45%, followed by New South Wales\u2019 21.7% dip, and the ACT\u2019s 26.5% drop.<\/p>\n
PropTrack director of economic research Cameron Kusher said these are telling signs that some of the heat is coming out of the market.<\/p>\n
\u201cWe are still seeing many active buyers, but for the first time since the pandemic began, the strong ramp up in new listings has given them more choice,\u201d he said.<\/p>\n
\u201cBuyers continue to outweigh sellers in the current market, but the gap is narrowing, meaning the strength of the sellers\u2019 market is softening.\u201d<\/p>\n
Mr Kusher said the demand is expected to ease further given the fewer disruptions that could lead to a consistent supply of new listings.<\/p>\n
\u201cEncouragingly for buyers, the volume of competition for housing stock should also ease,\u201d he said.<\/p>\n
\u201cOverall, we appear to be witnessing the first signs of a shift from an extreme sellers\u2019 market to one which is slowly moving towards more balanced conditions between buyers and sellers.\u201d<\/p>\n
Sales activity still steady<\/h2>\n
Over the past week, sales fell by 1.7% but remained 11.6% higher than the same week last year.<\/p>\n
Mr Kusher said the higher year-on-year sales show how much more activity there currently is in the market.<\/p>\n
\u201cWith all states out of lockdowns, we are seeing a lift in sales,\u201d he said.<\/p>\n
\u201cHowever, with more stock available for sale and some signs of weakening demand, the end of year ramp-up in sales this year is seemingly not as strong as it was last year, of course we could see an acceleration in sales over the final few weeks before Christmas.\u201d<\/p>\n
So far this year, weekly sales are 59.4% higher than over the same period in 2019 and 41.4% higher than last year.<\/p>\n
Another important indicator is the median selling days.<\/p>\n
Over the past month, the median number of days a property remained listed was 30 days, still at an historic low. Over the same month last year, days-on-market was at 44 days.<\/p>\n
\u201cWhile the seasonal increase in days on site is coming, with demand easing from highs and the supply of stock increasing we would expect that properties will likely start taking a little longer to sell than they are currently once the market returns in 2022,\u201d Mr Kusher said.<\/p>\n
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