Overall residential stock levels rose in February on the back of a moderate increase in property sales activity, according to a property market research company.
Figures released by SQM Research have revealed that overall stock levels increased by 1.9 per cent nationally, coming to a total of 341,662.
Louis Christopher, managing director of SQM Research, said the results were expected with the historically stagnant January coming to an end.
“Stock listings rose in February on the back of the property season opening again," he said. "We note the numbers are down year-on-year, so that does tell us that the market is improving.
“At this point though, the market is still experiencing slow to moderate activity.”
Most capital cities only experienced modest increases, with Canberra and Sydney being the only exceptions, climbing by 8.5 per cent and 10.2 per cent, respectively, during February.
Year-on-year comparison reveals that stock listings have decreased since this time in 2012, falling by 1.1 per cent on a national level.
“With Canberra and Melbourne being the only capital cities to not experience yearly decreases, it is fair to assume that as a result of stock being absorbed in many parts of the country, the residential sales market is beginning to recover, albeit slowly in certain localities,” Mr Christopher said.
Hobart was the only capital city to experience a monthly decrease in stock levels, falling by 0.5 per cent during February 2013 and coming to a total of 4,292.