Stock on market increased by an average of 1.7 per cent across all states in June from the month before, according to new data from SQM Research.
In year-on-year terms, national stock on market levels rose 6.4 per cent, led by Hobart and Melbourne which saw 29.4 per cent and a 27.7 per cent increases, respectively.
Darwin, Brisbane and Perth have all recorded yearly falls, with Darwin posting a particularly significant decrease of 26.7 per cent since June 2011.
No capital cities recorded monthly declines in stock levels, however Sydney remained unchanged month-on-month.
As overall stock levels across the country have continued to rise, the level of residential listings increasing by 6,642 during the month of June. On the back of previous monthly increases, SQM beleives June’s results reveal that we may not have reached the peak in stock levels for this cycle yet.
Louis Christopher, managing director of SQM Research, said the further increase in stock in Melbourne will hurt property prices.
“The Melbourne result is a real concern as the supply of listings has reached a new high in that city," he said.
“I fail to see how other data providers can record rising dwelling prices in Melbourne when there is this much stock on the market.”