One of the reasons for our strong property markets so far in 2015 is that while interest from investors and owner occupiers is high, there are fewer properties for sale than this time last year.
CoreLogic RP Data’s latest listings counts show that while overall listing stock is picking up on a monthly basis, listing volumes remain low when compared to the same time last year, although conditions are different across the individual states and capital cities.
Over the four weeks ending 22 February 2015 there were 45,681 new listings added to the market nationally, bringing the total listings stock up to 241,994.
Meanwhile, across the capital city markets, 28,447 new listings were added to the market over the four week period giving buyers access to a total of 98,811 residential properties that were listed for sale across the combined capital cities over the four week period.
Nationally, total listing numbers are -2.5 per cent lower than at the same time last year and -4.1 per cent lower across the capital city markets, however this is not reflected across all individual markets.
At a capital city level, total listings are 10.4% higher than at the same time last year in Perth, while across the smaller markets of Darwin (+31.6%) and Canberra (11.4%), total stock levels are currently higher than they were at the same time last year.
Interestingly, while new listing being added to the market are also higher than at the same time last year in Perth and Darwin, the same cannot be said for Canberra, indicating the high level of stock is more likely attributed to a lower turnover.
On a state-by-state basis, listings activity is relatively similar, with WA, NT and the ACT all recording a higher level of stock currently when compared to the same time last year, while the opposite can be said for all of the other states and territories.
The latest figures from the CoreLogic RP Data Listing Index shows a 3.6% monthly increase in the number of properties being prepared for sale when adjusted for seasonality.
Tasmania is the only state to record a decrease across the Listing Index (-0.2%) over the month while all other states have seen listing activity increase over the month.
In absolute terms, it is unsurprising that the preparation of homes for sale nationally has increased over the month (+36.4%), given the seasonal slow-down experienced each year over the December/January period.
Core Logic anticipates that this will translate into a further surge in new listing activity over the next couple of weeks.