Figures released in early February by SQM Research show that national residential listings fell by 4.8% to 303,901 in January, as sellers enjoyed a break over the summer holidays.
The fall in listings was led by a 13.9% drop in Melbourne then a 6.9% fall in Sydney. Melbourne and Brisbane’s stock levels are down significantly from this time last year by 11.9% and 29.1% respectively. This result is reflective of a sharp squeeze on properties available for sale in those cities. But SQM says that when compared to January 2017, listings are up by 20.9% in Sydney, reflecting a substantial increase in properties available for sale.
In Canberra, listings fell 6.2% and by 5.8% in Adelaide. In Brisbane, the stock on the market dropped by 3.9% with more modest falls in Perth of 2.1% and 1.3% in Darwin. In Hobart, listings were down by 2.6% over January.
The fall is predictable given January is a summer holiday month, according to Angus Raine, Executive Chairman, Raine & Horne. “With interest rates on hold at historic low rates and news trickling through that the banks are considering loosening some of the lending shackles, we expect 2018 will be a steady year of activity for Australian real estate.”