Property listings continue to rise as spring progresses
As at the week ended 26 October 2014, there were, 51,081 unique new properties advertised for sale and 195,655 unique re-listed properties across the country while the number of new listings were at their highest level since the four weeks ending 23 March 2014.
Meanwhile, the number of re-listed properties was at its highest level since the four weeks ended 24 August 2014.
We are seeing a ramp-up in new listings at a national level while spring progresses while total listings have risen a little, they are much lower than over recent years.
Across the combined capital cities, the trends are quite similar. Over the four weeks to 26 October 2014, there were 32,706 unique new properties listed for sale and 73,189 unique re-listed properties. Capital city new listings account for 64% of total new listings nationally while capital city re-listings account for just 37% of all re-listings nationally.
This highlights that capital city stock is being absorbed much quicker than stock in non-capital city regions. As a result the number of re-listed properties is much higher across the regional areas of the country.
Excluding Darwin, new listings increased over recent weeks in all capital cities. The total number of properties advertised for sale also increased over this period in all cities and highlighted an increase in the amount of residential property available for sale.
On a city-by-city basis, RP Data’s latest listings results show that there are many variations and differing trends emerging.
An ongoing rise in home values in Sydney is being partially fuelled by low stock levels and low mortgage rates.
Around the remainder of the country:
- •Melbourne stock levels are quite high. This potentially suggests that the rise in values is perhaps more driven by speculation than a shortage of effective supply levels;
- •Brisbane stock levels are trending lower and in line with a moderate rise in sales and values;
- •Adelaide stock levels have reduced, however, the results show a sharp rise over recent weeks;
- •Perth stock levels have been relatively stable now for a number of years;
- •Stock in Hobart is falling as sales volumes rise.
- •Darwin is experiencing a trend towards higher levels of stock available for sale;
- •Canberra stock levels are also now rising as the market slows.
The number of properties available for sale is likely to broadly continue to rise over the coming weeks, before we see the inevitable slowdown late in December and throughout January as vendors pause their listing activity.
