National residential stock levels eased by 4.9 per cent on-month in July, suggesting the market may be in the first phase of a recovery, new data shows.
According to SQM Research, the level of residential stock dropped to 368,081, with all capital cities except for Hobart recording monthly decreases.
Year on year, the decrease has been slightly more modest, with stock falling 2.4 per cent on a national scale and Adelaide, Canberra, Hobart and Melbourne all experiencing yearly increases.
“It is early days however this could be an indicator of a turning point in the market,” Louis Christopher, managing director of SQM Research, said.
“We also note that nationally, there is now less stock on market than this time last year. Brisbane, Darwin, Perth and Sydney all have less listings in the market compared with July last year.”
In Adelaide, stock levels fell 3.0 per cent on-month to 12,963; Brisbane was down 2.1 per cent to 28,102; Canberra fell 7.3 per cent to 3,454; Darwin dropped 4.0 per cent to 1,273; Hobart edged 0.2 per cent higher to 4,465; Melbourne was 12.6 per cent lower at 48,322; Perth was 3.5 per cent softer at 18,383; and Sydney fell 8.7 per cent to 29,574.