A rise in listing numbers in November suggests the spring selling season has come late this year.
Figures released by SQM Research show the level of residential property listings around the nation increased by 4.9 per cent in November, rising to a total of 363,436.
“It seems the spring selling season did come late for the property market, with the November result being the first spring month to record a meaningful increase in listings,” Louis Christopher, managing director of SQM Research said.
“In line with seasonality, I expect the December and January result to record falls.”
The November result was almost identical to the same month last year.
“This re-affirms the notion of the seasonal effect when it comes to stock levels, as there is usually an influx of sales listings at this time of year,” SQM Research said.
“However, as we move towards Christmas, SQM Research believes the level of stock will most likely stagnate or decrease slightly as the property market slows down for the end of the year.”
Of the capital cities, Darwin recorded a 3.3 per cent on-month rise in stock to 1,188; Brisbane saw a 3.1 per cent increase in stock to 27,331; Canberra was up 9.2 per cent to 4,103; Hobart rose 6.4 per cent to 4,615; Melbourne booked a 5.3 per cent increase to 46,699; Perth surged 10.4 per cent to 18,737; and Sydney was up 7.7 per cent to 31,863.