Residential property listings around the country have continued to drop during the month of July, with national stock levels decreasing by 2.1 per cent to a total of 351,487.
The latest report from SQM Research shows stock has continued to decline in Australia, falling by 2.5 per cent nationally, with every capital city excluding Canberra and Melbourne recording yearly decreases.
Adelaide, Hobart and Perth all experienced substantial monthly declines of more than four per cent, while Darwin was the only capital city to record a rise - of 0.9 per cent.
Melbourne experienced no change during July and continued to possess the highest amount of online residential sales listings of all the capital cities. It was also the only capital city to record an increase in stock levels since the same month last year, climbing by 2.8 per cent.
Sydney was still showing signs of significant stock absorption, decreasing by 2.1 per cent in stock levels month on month, but still down a substantial 17 per cent since July last year.
According to SQM Research, there was more evidence that the housing market was beginning to pick up in Sydney and this would continue into the spring selling season.
“Nationally, listings are still elevated,” said managing director of SQM Research Louis Christopher.
“However, there is now a large contrast between the readings of certain cities. Take Melbourne as an example - despite apparent high clearance rates at auction, there are still too many listings on the market, creating headwinds for a Melbourne housing recovery.
“In contrast, Sydney is clearly experiencing a shortage of listings in the market, which is putting upward pressure on real estate prices. This is particularly the case in the inner ring, where listings have fallen by approximately 25 per cent over the past 12 months.”