Another fall in residential property listing numbers has signalled a housing recovery might finally be underway, the head of SQM Research has said.
New figures released by SQM Research show the level of residential property listings around the nation fell slightly during the month of January 2013, with overall stock levels decreasing by 1.9 per cent and coming to a total of 335,429.
Year on year, listings are also down, declining by just under three per cent on a national level since January 2012.
“There are a number of signals now that the market is gaining some traction,” the managing director of SQM Research, Louis Christopher, said.
“I think the interest rate cuts are now working and that a housing recovery is now occurring. I now place the bottom of this market at the beginning of the December quarter, 2012.”
The property research company said Sydney was of particular interest of late, posting a six per cent fall in stock levels in January on a month-on-month basis and a 13.1 per cent drop on a year-on-year basis.
“January’s figures have proven to not only the lowest amount of Sydney listings for January since 2010, but are also the lowest overall amount of Sydney listings since April 2010,” the company said.
“Interestingly, within this capital city, the eastern suburbs of Sydney have recorded their lowest stock levels since the inception of our index (April 2008).”
In the other capitals, Adelaide’s residential stock levels were down by 4.2 per cent month-on-month to 15,858; Brisbane was 1.9 per cent weaker at 24,992; Canberra was 1.4 per cent softer at 3,434; Darwin fell 0.2 per cent to 1,084; Hobart was down by 4.2 per cent to 4,312; Melbourne dropped 2.5 per cent to 40,807; and Perth was 0.9 per cent weaker at 17,761.