National residential property listings dropped 4% in June, with old stock being cleared nationwide as the number of buyers outstrips sellers, pushing up property prices around the nation.

Figures released this week by SQM Research indicate that the largest monthly falls in property listings were in Canberra, Hobart, Melbourne and Adelaide.

Property listings are trending downwards nationwide, which is putting upward pressure on prices as demand outstrips supply. Compared to 12 months ago, national listings fell 21.6%, with the biggest falls in Hobart, Adelaide, Canberra and Brisbane.

SQM managing director Louis Christopher says: “Notwithstanding the quieter winter season, property listings fell again in June following a drop in May. We have also seen another large fall in old listings this month, indicating old stock is being sold and new property listings aren’t offsetting this fall. This highlights there are more buyers than sellers in national property markets.”