Despite a recent drop in the number of owner occupier housing commitments, real estate agents remain busy with a significant increase in pre-listing activity.
According to RP Data’s market activity index, real estate activity trended upwards last month, reflecting a high level of new listings flowing onto the market week on week.
Last week recorded the third highest number of auctions held so far this year.
50,486 new property listings have entered the market over the last four weeks and there are about 209,000 properties now being advertised for sale across the country, which is about the same amount of stock in the market at this time last year.
But despite stock levels remaining fairly high, RP Data’s senior research analyst Cameron Kusher said overall stock levels are depreciating, which indicates homes are being absorbed faster than they are being added to the market.
“On the rental side, the total amount of rental properties being advertised has fallen by 4.3 per cent over the last month, a sign that rental demand is continuing to escalate,” Mr Kusher said.