Professionals Burleigh 
The percentage of property owners who view the current moment as favorable for selling has risen from the earlier lows observed at the beginning of the year, owing to a surge in buyer demand as spring approaches.
This discovery stems from the Residential Audience Pulse survey conducted by realestate.com.au, which is a long-term study designed to gauge the evolving sentiments of individuals engaged in the property market, whether they are seeking to rent, purchase, sell, or hold property. Among the property owners who participated in the survey, sentiment regarding the real estate market has undergone significant fluctuations in recent years, particularly when it comes to the conditions for selling.
Sentiment reached its peak in October 2021, with 50% of property owners deeming it an opportune time to sell, twice the number (25%) who considered it unfavorable.
However, over the ensuing 18 months, sentiment gradually waned, declining notably in the middle of last year with the commencement of the Reserve Bank’s aggressive interest rate hikes. By December of the same year, sentiment had plummeted, with only 19% viewing it favorably for selling, a figure that remained constant throughout the first half of the following year.
This pessimistic sentiment was mirrored by a substantial reduction in the number of properties listed for sale. During the initial six months of 2023, there were approximately 15% fewer properties on the market compared to the same period in the prior year.
Nevertheless, there has been a noticeable shift recently. According to PropTrack’s most recent Listing Report, there was a significant resurgence in the total number of homes entering the market in August.
This uptick in property listings aligns with the recovery in sentiment observed during this period. Between March and July, the proportion of property owners who deemed it a good time to sell saw a statistically significant increase from 19% to 24%.
Furthermore, those who perceived it as an unfavorable time to sell experienced an even greater shift, dropping from 51% to 41% since the beginning of the year, while 35% remained uncertain.
Considering the trends in listing volumes, it is likely that this sentiment continued to recover in August, contributing to the increase in available properties for sale.
Understanding the factors behind this improved selling sentiment revolves around perceptions regarding buyer demand.
Back in March, the primary reason property owners were selling was because it suited their personal circumstances, a rationale cited by one-third of respondents. Only 15% were selling due to their perception of high buyer demand.
These motivations have now reversed. In July, the belief that buyer demand was currently high became the leading reason why property owners considered it a good time to sell, mentioned by 28% of respondents. This perception aligns with leading indicators of demand observed on realestate.com.au.
A noteworthy development that should boost sellers’ confidence is that the upswing in property listings has coincided with an increase in buyer demand.
Consequently, the average number of inquiries received by properties listed for sale remained stable in August, despite the overall surge in listings. Furthermore, the average number of inquiries per listing in August was 16% higher than it was 12 months earlier.
Capital city areas have witnessed the most pronounced revival in demand, with inquiries per listing rising by 27% in the 12 months leading up to August. Property prices have recorded monthly increases throughout the current year, despite substantial rises in interest rates, and the shortage of properties available for sale relative to buyer demand has been a key contributing factor.
The fact that buyer demand is growing in tandem with the supply of properties for sale is encouraging news for sellers and is helping to sustain price resilience.
