While residential property listings still rose in February, the increase was the most modest rise the market has seen since 2009, according to new data.
The latest figures from SQM Research suggest that vendors are in no rush to sell, with national stock levels reaching 346,289, 1.3 per cent higher than January.
Managing director of SQM Research Louis Christopher said the results were subdued for this time of year.
“The count of national listings suggests a residential market that is in a moderate up tick. Normally listings jump in each February, following its hiatus in the holiday season," he said.
“However, this year there was only a modest rise in stock level. That would suggest to me that vendors are in no rush to sell and existing stock is being absorbed at a quicker rate than usual.”
Increases occurred in Sydney (13.1 per cent) and Melbourne (6.8 per cent), and were closer to what standard seasonal increases recorded in February have been historically.
On a yearly basis, stock levels are down in most localities. Sydney continues to lead the capital cities with the most substantial yearly decrease, at 16.1 per cent.
Conversely, stock levels in Darwin have risen by 16.1 per cent since February 2013 – the only capital city to record a yearly increase in listings.