All capital cities experienced a drop in residential listings in the month of April, new research has revealed.
Figures released by SQM Research show that the level of residential property listings around the nation tapered off slightly during the month of April, with national stock levels falling by -2.7 per cent, coming to a total of 345,034 properties.
According to SQM Research, “it appears that stock is being absorbed in Sydney faster than the national average, which reflects a stronger market pick-up in this capital city”.
Sydney experienced the biggest drop of all capital cities with a 9.7 per cent fall, coming to a total of 25,121 properties. While Darwin experienced the smallest decrease of just one per cent, falling from 1,188 in March to 1,176 last month.
Similarly, Sydney experienced the biggest year-on-year change with a difference of -14.5 per cent compared to this time last year. Canberra increased by 5.2 per cent.
“It is becoming clear now that results of late have been more influenced by seasonality rather than cyclical factors,” Louis Christopher of SQM Research said.
“That suggests to me that the forces of demand versus supply in the national housing market are reasonably balanced right now.
“Of course, each city has its own story to tell. For example, Sydney is clearly in recovery mode, while I strongly believe Canberra is in a downturn.”