More buyers are flooding the housing market, but the usual spring lift in listings has not arrived.
The number of listings has bounced back since the low of winter, but CoreLogic figures revealed the number of new capital city listings is the lowest it has been since 2007.
There have been nearly 23,000 new capital city listings in the past month, which is down by 13 per cent on the same time last year, and 15 per cent below the 13-year average.
With capital city dwelling values trending lower only three months ago, the change to more favourable conditions was not widely anticipated, CoreLogic head of research Tim Lawless said.
“It’s reasonable to expect there would be some level of pent-up demand among home owners who were unwilling to sell during the downturn and were waiting for selling conditions to improve,” he said.
“Realistically, it can take some time for home owners to get their affairs in order and prepare their property for sale. With this context, a lag between the improved market conditions and a more substantial rise in new listings isn’t all that surprising.”
The second week in November tends to see a peak in new listings.
“If the market recovery continues at the same pace as the last few months, it’s almost certain that more home owners based in the markets showing strength will take advantage of the renewed level of buyer demand,” Mr Lawless said.