The greatest complaint heard most often in real estate across Australia is that there are plenty of buyers, but a shortage of listings.

The number of properties for sale has been well short of the levels needed for a balanced market, particularly in the boom cities of Adelaide, Brisbane and Perth.

But that is steadily changing. According to SQM Research, total listings of properties for sale nationwide grew 7.6% in November and are now more than 10% higher than a year ago.

Perhaps most significantly, there were major rises in November in those three boom cities, with the number of listings up 20% in Perth and close to 17% in Adelaide, with Brisbane recording a rise of 8.6%.

That follows significant increases in October also.

The rise in listings nationally in November was driven by a 6.4% rise in old listings (stock on market over 180 days) and a notable 22% rise in properties being on the market between 30 to 90 days.

SQM Research commented that this strongly indicated that the spring selling season had been a disappointing period for vendors and agents.

Cities with significant annual increases in listings included Sydney, Melbourne and Hobart – all up 16 to 17 per cent – and Canberra, up 23% in annual terms.

Comparing the current situation with recent history, national listings of properties for sale are still below the levels common before 2021, but have been generally rising since July.

In Sydney, listings are the highest they've been since 2019 and in Melbourne they're the highest since November 2020. In Canberra they're close to the peak levels of 2019.

In Perth, Brisbane and Adelaide they're still well below historic levels but have been rising steadily since mid-2024, with particularly large increases in November.

The rise in the number of properties for sale coincides with evidence that the rate of price growth is reducing in those market-leading cities.

The big exception in all this is Darwin, the only capital city to record a reduction in the number of listings in November – and it remains 17% below the levels of a year ago.

The figures provide further evidence of change in individual markets, with a growing number of indictors that the Perth boom has passed its peak and that there may be stronger price performance in places like Darwin in 2025.