McGrath generates the bulk of its revenue from Sydney, followed by contributions from Melbourne and Brisbane, which are all locations where new listings have fallen significantly.for a near 40% drop in net profit.
The number of new listings are almost one-fifth lower than the same period last year, according to property data company CoreLogic, which is well below the five-year average.“We are seeing homeowners just waiting on the sidelines and that’s also accompanied by less buying activity,” the CoreLogic executive research director, Tim Lawless, said.
The pullback in listings started last year amid a series of cash rate increases by the Reserve Bank that led to higher mortgage rates. After a sharp run-up in prices in recent years, national home values have slid by 7.2% in the past 12 months, led by a 13.8% fall in Sydney. “We are still seeing a relatively small selection set for prospective buyers, which is probably one of the factors that is helping to keep a lid on price declines because there aren’t a lot of properties to choose from,” said Lawless.
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