Property Listings Continue to Drop
Property listings nationwide dropped 6.3% in May compared to April and old stock is being cleared nationwide as the number of buyers outstrips sellers. Figures released this week by SQM Research indicate the largest monthly falls in listings were in Canberra, Melbourne, Brisbane, Adelaide and throughout regional Australia, as stock levels trend downwards. In annual terms, listings fell 19% across the nation, which SQM Research managing director Louis Christopher says is putting upward pressure on prices.
In a sign that older stock is clearing, listings over 180 days dropped 9.2% in May and are down 44% over the year, with falls recorded in all capital cities – and in particular in the smaller capital cities.
“Property listings fell in May due to strong market conditions,” says Christopher. “We have also seen a big fall in old listings, indicating old stock is getting moved. This suggests strong absorption rates, so new listings are not completely offsetting the falls in old listings.”
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