Figures released by SQM Research reveal national residential listings increased 3.9% to 336,604 over the month of February 2017, but they are down 5.1% from a year earlier.
The data reveals Melbourne, Sydney and Canberra recorded the biggest monthly rises in listings, up 16.4%, 18.0% and 21.1% respectively, compared to a year earlier.
Canberra recorded the largest monthly rise in stock levels, up 21.1% to 3,636 to be up 0.2% from a year earlier.
Sydney also recorded a big monthly rise in stock levels of 18.0% to 25,524, down modestly 0.7% over the year.
- Total online national residential listings rose to 336,604 in February 2017, up 3.9% from January 2017, but down 5.1% over the year.
- Canberra recorded the largest monthly rise in stock levels, up 21.1% to 3,636 to be up 0.2% from a year earlier.
- Sydney recorded a big monthly rise in stock levels of 18.0% to 25,524, down modestly 0.7% over the year.
- Listing only fell in Darwin over February 2017 by 0.7% to 2,022, to be down 1.4% over the year.
- Hobart has posted the biggest fall in listings over the year, to be down 13.4% with monthly listings up 1.2%.
- While Melbourne stock levels are up 16.4% to 32,892 over the month, they are down 9.7% over the year.
The big rise in listings in the big cities should help to alleviate tight supply in many of the nation’s property markets, with Hobart’s and Melbourne’s property listings still well down from a year earlier.
Despite the big jump in listings in Sydney and Melbourne in February, property asking prices are still rising in the nation’s two biggest cities, which highlights just how strong these property markets are.
This momentum is likely to continue this year with interest rates hovering at very low levels, and today’s decision by the Reserve Bank to hold rates steady is likely to fuel ongoing price gains.