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MNI BRIEF: Aussie Property Rebounds in March

(MNI) Sydney

March was the busiest month for new Australian property listings since May 2022, data showed on Thursday, the second indicator this week to point to a rebound in a sector the RBA has flagged as key ahead of its May 2 interest rate decision.

While the RBA kept rates on hold at 3.6% in April, it said housing and population, alongside energy costs and productivity, will be significant factors in its next move. (See: MNI: RBA's Lowe Notes Supply Issues, Expects Further Hikes).

According to REA Group’s PropTrack Listings Report March 2023, new listings jumped 10.5% m/m in March. Adelaide led (14.6%), with Perth (13.3%) and Sydney (10.3%) rounding out the top three cities. Total listings were up 8% compared to the same time last year.

REA’s data follows figures from CoreLogic showing house prices had rebounded following a 12-month 8% national decline, the largest on record.

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