The number of Australian residential property listings decreased during July, taking national stock on market to its lowest levels since February 2011.
Nationally, the number of unsold properties on the market has been recorded at 334,683 for July this year, a 3.6 per cent decrease month-on-month and 4.8 per cent decrease year-on-year, according to SQM Research.
“Lower stock levels do have the tendency to hint to an active market, just as the climbing stock levels experienced in 2010 pointed to a slump in Australian property, and SQM Research is most certainly of the opinion that the current property market remains in favour of sellers,” SQM Research managing director Louis Christopher said.
“However, when following the trends in stock on market figures over recent periods, SQM Research has noted that the rate of decline has slowed,” Mr Christopher said.
“Sydney in particular, which was recording yearly stock level declines in between 15 per cent and 25 per cent, is now only recording a yearly decline of 8.7 per cent,” he said.
“Further to this, SQM Research’s Asking Prices Index has revealed that asking prices for houses on a national level have actually fallen marginally month-on-month, recording a 0.2 per cent decrease.”
Asking prices for units have risen slightly month-on-month, recording an increase of 0.2 per cent on a national level.
Mr Christopher said the national housing market overall remains buoyant with real estate listings being absorbed at a fairly fast pace and buyers moderately outnumbering sellers.
Darwin recorded the only monthly increase in stock levels of all the capital cities, increasing by 3.3 per cent during last month for a total of 1,582.
Canberra recorded the most substantial yearly decrease in stock levels, falling 11.7 per cent over the 12 months to July this year.