New listings are higher than one year ago and transactions have been trending upwards since 2012. As a result, stock is being absorbed faster and total listings are lower than at the same time last year across most cities -Corelogic
Across the individual capital cities, new listings are higher over the year in Sydney (10.0 per cent), Melbourne (9.2 per cent), Brisbane (7.0 per cent), Hobart (5.8 per cent) and Canberra (5.1 per cent), while Perth and Darwin are both showing new listings to be -5.3 per cent lower than at the same time last year and Adelaide, to a lesser extent, is also showing a year-on-year fall in new listings, down -1.7 per cent. On the other hand, Perth and Darwin continue to be the only two cities where total listings are higher than at the same time last year, showing that there is some underlying weakness across the two markets, with stock not being absorbed as quickly as across the other Australian cities.
In terms of total listings the amount of stock available for sales is substantially lower than a year ago in Sydney (-19.1 per cent), Melbourne (-14.6 per cent) and Canberra (-13.7 per cent). As mentioned, total listings are substantially higher than a year ago in Perth and Darwin. In terms of the number of listings, there are fewer homes available for sale currently in each of Melbourne, Brisbane and Perth than there are in Sydney. This further highlights the supply-side pressures in Sydney which are leading to strong levels of growth in home values.
Currently, there are 233,336 residential properties on the market across Australia, with overall listing volumes -3.9 per cent lower than they were last year. In New South Wales, Victoria and the Australian Capital Territory, listings volumes are more than 9 per cent lower than one year ago, while across Queensland, South Australia and Tasmania, volumes are relatively stable when compared to one year ago. Again, as seen across the capital cities, Western Australia and the Northern Territory are both currently seeing more residential properties available for sale than there were at the same time last year.