Melbourne property listings

Melbourne property listings are up but so are buyers, leaving many struggling to find a home

PHOTO: Beaconsfield home owner Andrea Clarke is looking to downsize. Photo: Greg Briggs

Melbourne homes are being sold quicker than new ones are listed, leaving buyers struggling to find properties in time for Christmas despite a staggering 170.9 per cent jump in new listings in October.

New listings rebounded to unseasonable levels coming out of lockdown, Domain senior research analyst Nicola Powell said, but were now slightly lower than last year.

Although buyer demand was still lower than this time last year, it was “rapidly tracking higher in recent weeks” – up 33.2 per cent for the four weeks to October 25 – while the number of overall listings was 1.2 per cent lower than this time last year.

“It shows stock is being absorbed at a greater rate than new stock is coming onto the market,” Dr Powell said.

Buyer’s advocate and Real Estate Buyers Agents Association of Australia president Cate Bakos has seen this firsthand.

“I’m not necessarily having people screaming at me saying, ‘there’s no stock’, what I am having people scream at me is ‘there’s no time’,” Ms Bakos said. “The days on market are so tight, agents, vendors and buyers are all creating that perfect storm.”

She said vendors were taking pre-auction offers, as many had experienced the uncertainty of lockdowns making it near impossible to sell homes.