Homes are selling in Melbourne, just not as fast as in Sydney

Homes are selling in Melbourne, just not as fast as in SydneyRP Data compares the number of new residential listings and total listings on a weekly basis as they help to provide a rounded view of the market. From the perspective of many, the volume of sales can be more important than the price of those sales.

The past two years saw a very low volume of residential sales in Melbourne which is a reflection of conservative decision-making by consumers who, as the saying goes, ‘preferred to save rather than spend.’

There is no doubt that this year, the market has picked up but there is a long way to go. The most recent data shows that there are 16.7 per cent fewer overall homes for sale in Melbourne than 12 months ago. Given that the volume of new listings is up by 1 per cent, this is a sign that older stock is being cleared and the property market is improving, but only moderately.

Victoria-wide, the picture is not as strong with overall listings only being lower by 10 per cent and new listings down by 1.7 per cent. It is often the case that the regional market moves more slowly and is less volatile that the metropolitan and that is the current case.

In stark contrast, the residential market in Sydney is moving homes very rapidly with total listings down 26.3 per cent and new listings up only 4 per cent. Demand is clearly very strong in the Sydney market right now.

Robert Larocca
RP Data Victoria Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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