The national property market has started the year with a bounce, with more sellers coming onto the market in January than at the same time in 2023, in a sign that a rebuild which started late last year is continuing.
But in sobering news for local buyers, in Perth and across regional Western Australia, the number of listings dropped, compared with January 2023 - reflecting the continuing tight markets.
Rural listings are understood to be on a par with previous years.
The total number of listings available in Perth is now about half of what it typically was about a decade ago.
Local agents warned the continuing very tight rental market, high population growth into WA and low levels of new housing stock were all contributing to difficult circumstances for the WA property market going into 2024.
Although, conditions may improve a little going into the traditional pre-Easter selling season in March, when local buyers might start to see more choice.
According to the latest PropTrack report, based on realestate.com.au listings, the number of new houses coming onto the market nationally was 12 per cent higher in January, year-on-year.
This reflected better market conditions after 2023's slow start, with the bonus of offering potential buyers more choice.
Total listings in January were also up - 4.5pc higher - than a year ago.
PropTrack senior economist and report author Angus Moore said the improved activity in Eastern States' property markets was due to high demand, very low unemployment, population growth, continuing tight rental market conditions and a more stable interest rate outlook.
"After raising interest rates in November, the Reserve Bank of Australia (RBA) held steady in February - a widely anticipated decision," Mr Moore said.
"Inflation appears to be coming under control sooner than the RBA had initially anticipated.
"While there is a possibility of further interest rate increases if inflation turns out to be more entrenched than currently expected, financial markets are not expecting that will occur.
"Instead, financial markets are now expecting a reasonable chance that interest rates will decline later in the year."
Sydney, Melbourne, Hobart and Canberra all saw a faster-than-typical start to the year - with new listings in Sydney 27.7pc higher and in Melbourne 27.8pc higher year-on-year.
The jump meant Melbourne recorded its busiest January since 2008 and Sydney its busiest January since 2011; Canberra had its most new January listings ever and Hobart its most new listings since 2014.
Nationally, regional property listing growth was more modest - with regional New South Wales (+12.3pc) and Victoria (+8.4pc) leading the way and regional Queensland much quieter (-5.2pc).
In Brisbane, Adelaide and Perth, the number of listings was down more than 40pc on the prior-decade average, and in regional WA the offering was down 10.6pc year-on-year.
Mr Moore said the data showed conditions continued to be challenging for Perth buyers, with the market unable to match the start of 2023 for new listings.
"The slower pace of new supply hitting the market, and strong demand, meant the total number of properties listed for sale across Perth remained very restricted as it has for some time," he said.
"While it lifted very marginally in January compared to the usually quiet end-of-year break, it was 27.2pc lower than a year ago and only marginally above its lowest-ever level recorded in December.
"In contrast, regional WA had a busier start to the year than in 2023, with 11.9pc more new listings hitting the market than a year earlier."
Elders Real Estate State real estate manager Drew Cary said Perth and some areas of regional WA had experienced a resurgence of Eastern States investors in the past year, and he expected WA investors would start to follow suit soon.
"I think there is light at the end of the tunnel," Mr Cary said.
Even with new investor groups entering the market, he said the rental market would remain tight as rental properties were not being replaced at the rate that was needed.
"About 15,000 to 17,000 people a quarter are now arriving in WA," Mr Cary said.
He said an increase in house listings on the Eastern States might draw more local investors back to that market, WA buyers might feel more comfortable returning to the market.
Nutrien Harcourt WA real estate manager - west, Jon Bahen, said they were busy settling rural properties rather than selling at this time of the year.
He said new listings were on a par to previous years.
"It is business as usual in the rural scene," Mr Bahen said.
"We expect more of a flush of properties to come on to the market in spring."
Mr Bahen said there continued to be strong demand for rural properties from corporates looking for carbon offsets and bigger family farms seeking to expands.
"It is a sellers market and I think we will continue to see that for the foreseeable future," he said.
Ray White Rural WA principal Steve Vaughan said their listings were also on a par to previous years.
"I would expect more listings to come on to the market as the year goes on," Mr Vaughan said.
"The season break will determine rural sales to a large extent.
"Most of the State is hoping for more rain, as it is the driest it has been for many years.
"The Gascoyne and Murchison, especially, are looking for rain and the latest heatwave is not helping conditions there."
