New data from Cotality shows vendor activity pulling back across major cities ahead of what could be a subdued spring selling season
Property listings have fallen below historical averages across Australia's major capitals as vendors hold back in response to declining home values, cautious buyers and uncertainty over interest rates, according to new research from Cotality.
Cotality tracks properties listed for sale nationally as a high-frequency measure of supply and demand dynamics in the housing market. New listings ran broadly in line with the five-year average between early February and early June, with notable spikes in Brisbane and Adelaide — likely reflecting vendors moving to realise capital gains near those markets' peaks.
Number of new listings, National Dwellings
33,193 new listings over the 4 weeks ending 23 Aug
-2% below same time last year
-8.2% below 5yr average
That flow has since eased. In the four weeks to 23 August, just over 33,000 properties were newly listed nationally — 8.2% below the five-year average and 2% below the same period in 2025.
Sydney led the retreat, with new listings running more than 14% below average over the same period. Melbourne was down more than 9% on average levels, and Brisbane almost 5% lower. Adelaide has been slower to adjust, with listings still around 4% above average.
Total listings by city (% from 5-year average)
Source: Cotality
Total advertised stock has nonetheless been rising, reaching over 137,000 properties in the four weeks to 23 August — 1.7% above the five-year average. That compares with a position almost 26% below average in mid-January, illustrating how sharply demand contracted over the intervening months. Brisbane saw one of the largest swings, moving from around 43% below average in early January to more than 16% above average by late August.
Outlook for spring
"The property market is in a very different position heading towards spring than it was 12 months ago," said Gerard Burg, head of research at Cotality. "This time last year, home values were rising, the Reserve Bank had recently made its third rate cut (and expectations were that further cuts could still occur), consumer sentiment was stronger and investors were highly active in the market."
Australia is now four months into a national housing downturn, with demand weighed down by affordability pressures, the reversal of last year's rate cuts, higher fuel costs, weak consumer confidence and reduced investor activity following changes in the federal Budget. The Reserve Bank is not expected to begin cutting rates until well into 2027 at the earliest.
"There remains some risk of a further rate hike, but none of these factors look likely to improve in the short term, meaning they will continue to limit property demand across spring," Burg said.
Increase in new listings during spring (%)
Source: Cotality
Historically, new listings nationally have risen by close to 25% between late August and mid-November. This year, Cotality expects greater caution from prospective vendors, with many who can afford to wait likely to defer until market conditions improve.
For buyers, the conditions present a different set of opportunities. Reduced buyer competition, lower prices and greater negotiating power mean that those willing to transact this spring may find more favourable conditions than at any point in the past two years.
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