The number of new property listings is on the rise ahead of the spring selling season according to new figures from CoreLogic RP Data.
The company says the number of new listings across the combined capitals is at the highest level since March 2015, while total listings for both houses and units reached the highest level since May 2015.
Approximately 26,829 new house and unit listings across the combined capital cities hit the market over the past 28 days (up 4.8% over the past 12 months); while total listings reached 92,296 (up 2.1%).
According to CoreLogic, new listing numbers are trending much higher in Sydney and Melbourne, with Brisbane, Adelaide and Canberra higher than they were a year ago.
Sydney has the highest amount of current new listings (8371), which is up 18.8% over the past 12 months. Melbourne came in second
“Sydney and Melbourne in particular have been experiencing strong capital growth over the past three years,” the report states. “While total stock levels remain historically low, in these two cities there is some evidence that conditions may be starting to ease however, new listings continue to trend higher as vendors look to cash in on what have been very strong housing market conditions.”
At the other end of the spectrum, Darwin has just 180 new listings – a drop of 32.8% over the past 12 months.
Perth was the only other capital city to record a drop in new listings over the past 12 months – down 14.8% to 3363.
“The difference in the trends across Perth and Darwin is that vendor confidence is clearly softening, with new listing numbers trending lower while total listing numbers trend higher,” the report notes.
CoreLogic RP Data says it will be interesting to see how these trends play out over the remainder of the spring selling season.
“Furthermore, we will be watching closely to see if the elevated stock levels in certain markets have any significant impact on value growth and transaction volumes.”
28-9-2015 Courtesy Linda & Carlos Debello & RPData http://ow.ly/i/djFOq