Canberra new property listings above five-year average bucking national trend, CoreLogic data shows

Canberra was one of just a handful of capital cities to see above average levels of new listings since the start of the year.

Property data firm CoreLogic analysed the number of new listings during, and leading up to, week 11 (March 11-19), which is considered one of the most significant weeks on the real estate calendar.

CoreLogic research director Asia Pacific Tim Lawless said the data showed new listings were suffering.

"Every year during the first half of March - referred to as weeks nine to 11 on the calendar - there is a surge in listing activity. But not in 2023," he said.

Mr Lawless said sellers have erred on the side of caution this year, which resulted in below average new listing numbers since spring last year.

Across the nation there were 8721 new listings added to the market in week 11, down 27.3 per cent compared to last year and 21.3 per cent below the previous five-year average.

In Sydney, new listings for week 11 were down 38.5 per cent on the previous five-year average and 29 per cent lower than a year ago.

It's a similar story in Melbourne and Brisbane where new listings for that week were down 46 per cent and 16.3 per cent respectively compared to last year.

But stock levels appear to be healthier in Canberra, with data showing just a slight decrease in listings compared to the past five years.

There were 168 new property listings in Canberra in week 11, down 4.1 per cent on the previous five-year average (175). However numbers were down 21.1 per cent on last year (213 listings).

Looking at the year to date, Canberra was one of just three capitals where listing numbers were higher than the previous five years.

In the first 11 weeks of the year there were 1762 new listings in the ACT, down 10.6 per cent on last year (1972) but up 2 per cent on the previous five-year average (1728).

Real Estate Institute of the ACT CEO Maria Edwards said Canberra agents were feeling a slow return to a more normal market.

"The traditional peak of listings over spring didn't happen due to uncertainty around rising interest rates. However now vendors are catching on that stock levels have been low, they are chancing the market anyway in the hopes that they can appeal to the many active buyers out there," she said.

"Days on market have blown out significantly though, so this means available stock is sitting there longer, buyers are being more choosy and also at the mercy of banks and lending criteria."

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Canberry Properties sales representative Mathew Kocic had sensed some hesitancy from sellers but said there were still good opportunities to be had.

"For the sellers there's still strong buyers out and they'll be able to still get a good market result but I think it's more about how their property is presented," he said.

He said homes that require some work aren't selling as well as they had previously, as buyers sought updated homes that are ready to move into.

Rising interest rates have also created some uncertainty for buyers. But fewer buyers in the market presented a good opportunity for those ready to purchase, Mr Kocic said.

"They could find themselves an opportunity, if they're ready to act, to buy in a less competitive type of market," he said.

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