The cities where an explosion of property listings has completely changed the game

A surge in property listings has caused a major shift in cities where buyers previously competed fiercely over few properties.

The latest data shows that a wave of homes is hitting the market in some parts of the country, while conditions in other areas are getting tighter.

The number of new listings hitting the market in July across the country was almost 11% lower than in the previous month, and 2% lower than the same time last year, according to the latest realestate.com.au Market Snapshot.

The fall in new listings was driven by Sydney and Melbourne, where new listings declined by about 14% and 18% respectively in July..

Brisbane recorded an almost 13% monthly fall in new listings, while Adelaide had about 5% fewer homes hitting the market. 

But despite fewer homes being listed for sale in the past month, buyers looking for a home today have more options to choose from than at the same time last year.

The total number of homes for sale across the country is about 4% higher year-on-year, and almost 10% higher in the capitals.

The improvement in choice has been most significant in the cities where prices have surged in recent following years amid a shortage of homes on the market.

New listings in Perth were up by more than 24% compared to a year ago.

There were also big increases in new listings in several other cities where prices have boomed in the past few years amid a tight supply of homes for sale.

New listings in Adelaide increased by almost 10% compared to a year ago, while Brisbane recorded a nearly 7% increase.

The increase in activity in Perth, Adelaide and Brisbane was a notable shift to previous years, realestate.com.au senior economist Angus Moore said.

“Those three cities had a quiet year in 2025, with the combined number of new listings hitting the market across the cities below average through much of the year,” Mr Moore said.

“This year has seen that reverse, with activity above average for this time of year, particularly in Perth.”

Real estate agent and Whitefox Perth managing director David Murray said the higher number of homes for sale in Perth and more balanced pricing conditions had finally allowed many homeowners to upgrade or downsize. 

“Some people are thinking that if the market has flattened a little bit and stabilised that now is a good time to upgrade,” he said.

“For the 2023 to 2025 period it was just so hard for Baby Boomers to downsize.

“They were sitting in five-bed family homes with no one but themselves, wanting to actually get into something smaller that fits their lifestyle better, but they had nothing to downsize into so they weren’t putting their stock on the market.” 

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More investors had opted to sell recently to take advantage of the huge price rises in recent years, Mr Murray said.

“I think a fair few people who owned their primary residence and an investment property are now looking to liquidate,” he said. “More people are wanting to pump money into their primary residence.”

Mr Murray said competition among buyers had eased with more homes for sale, but homes were still typically selling within a few weeks. 

“Really good products in really good areas are moving quite quickly and still getting a premium.”

All of the capitals except Darwin and Hobart now have many more homes for sale than a year ago, giving buyers more choice as the runaway home price growth seen in recent years partially unwinds.

Adelaide had the biggest year-on-year increase in total listings, up 18.6% followed by Brisbane (up 17.7%) and Canberra (up 17%).

Adelaide real estate agent and Eclipse Real Estate principal John Ktoris said there were fewer investors looking to buy since the federal budget, which meant homes stayed on the market longer.

“The market has been really challenging for first-home buyers, but now is a great time because there’s less competition at the moment,” he said.

With reduced investor demand and longer selling times, Mr Ktoris said vendors needed to prioritise presentation.

“Over the last few years you could almost sell anything because there was a fear of missing out,” he said.

“Now more than ever with so much choice for buyers you’ve got to get your price right and you’ve got to present it well.”

Brisbane real estate agent Will Torres said higher total stock levels were helpful for homeowners looking to sell to upgrade as it gave them more options to choose from.

“They can see properties sitting on the market a little longer so it gives them confidence to consider putting their property on the market,” he said.

Even Sydney and Melbourne had a greater total number of homes for sale than a year ago despite the decline in new listings, which combined with lower prices has created a buyer’s market.

Home prices across Australia fell by about 0.3% in July following this year’s rate rises and tax changes, Mr Moore said.

“The cumulative impact of three interest rate rises and changes to investor tax settings have dampened buyer demand, driving a broad-based slowdown in home prices and market conditions,” he said.

“Prices in more expensive segments of the market have declined more than in more affordable areas and segments, a common pattern in interest-rate-driven downturns.”