Supply conditions and vendor behaviour
New listings totalled 33,914 over the four weeks to 14 June, running 4.9% below the five-year average. Total listings across the same period reached 129,010, up 1.7% on a year ago but still 6.5% below the five-year average, suggesting supply remains relatively constrained despite the modest annual increase.
Number of new listings, national dwellings 
Source: Cotality
Vendor discounting has begun to edge higher, with the median discount across the combined capital cities rising to 3.3%, pointing to improved negotiating conditions for buyers.
Melbourne remains comparatively accessible
Melbourne stands apart from other major capitals. Annual dwelling value growth of just 0.5% compares with Perth’s 25.8% gain over the past year — a gap in annual growth rates across the capital cities of 25 percentage points.
Constrained value growth over recent years, combined with recent monthly price falls, has left Melbourne with a significant affordability advantage. Buyers purchasing a median house in Sydney now require approximately $70,000 more in annual household income than those purchasing an equivalent property in Melbourne.