Residential property listings around the country have fallen during the month of June, according to new figures by SQM Research.
The new data found that the national stock levels had decreased by 5.3 per cent, bringing the total to 358,882.
SQM Research attributed the monthly decreases in a majority of capital cities to seasonal influences and the fact that there had only been four weekends during June, as opposed to the five weekends seen in May.
However, Sydney’s monthly decline of 14.6 per cent went beyond the trend, with stock levels now at those previously seen in 2009.
According the group, the Sydney market was approaching a point where there was a shortage of residential sales listings.
“I believe that overall, the national housing market still remains well supplied with current listings. However, Sydney is turning out to be a clear exception,” said managing director Louis Christopher. “When you consider the long-term chart, Sydney is approaching the 2009 lows and this fits with other measurements indicating a strengthening housing market for that capital city.”
SQM Research’s new statistics support RP Data’s latest figures that found the number of residential property listings advertised for sale had continued to fall across the country.
The leading service provider found that total listing numbers had fallen 8.5 per cent to 247,734 unique advertisements.
According to senior research analyst Cameron Kusher, as well as seasonal reasons, other factors were at work.
“An increase in sales activity is obviously contributing, so too is the fact that it appears as if vendors in the current market are setting more realistic price expectations, resulting in a more rapid pace of sale,” he said.
“We have also probably seen some of those vendors that have had their stock on the market either remove it from the market finally, or adjust their price to the necessary level to attract some purchaser interest.”