The number of properties listed for sale has continued to climb into late Spring with a surge of new properties listed for sale over recent weeks.
RP Data tracks the number of properties advertised for sale both online and across the major newspapers around the country. We report the number of residential properties (houses, units and land) advertised for sale each week based on unique counts of properties listed for sale over the past 28 days.
The first chart highlights the number of unique new and total residential properties listed for sale at a national level. As you can see, over recent months there has been a trend towards a higher number of new and total property listings.
There are currently 49,920 new properties listed for sale and 267,114 total properties listed. New property listings are at their highest level since the week ending 9 December 2012 and total listings are at their highest level since the week ending 23 December 2012.
Although both new and total listings are currently at heightened levels, new listings are only 0.5% higher than at the same time last year while total listings are -10.2% lower than a year ago.
Over the past four weeks, there were 30,997 new capital city properties listed for sale and 117,426 total property listings. Based on these figures, 62.1% of all new listings were in the capital cities compared to just 44% of total listings.
This is reflective of the stronger overall housing market conditions within capital cities and the subsequent fact that homes are selling quicker in these regions. Compared to the same time last year, new property listings are 3.5% higher and they are at their highest level since the final week of November last year.
Based on these figures, the number of properties available for sale is higher than it has been throughout 2013. The heightened volume of stock on the market could provide future challenges, should the amount of advertised properties continue to grow.
At an individual capital city level for houses you can see that the new supply of listings is growing, up 3.1% from a year ago. For units, the number of new property listings is 6.8% higher than a year ago.
When you look at the total listings available for sale there is a clear deficiency for houses, compared to last year, with listings -15.6% lower compared to units which have recorded a 3.5% rise over the past year.
Across individual capital cities, new house listings are lower than a year ago in Adelaide and Hobart and new unit listings are lower in Brisbane, Adelaide and Darwin. Total listings for houses are lower than a year ago in all cities except Perth and Darwin and total listings for units are lower than a year ago in Sydney and Brisbane but higher elsewhere.
Outside of these broad trends, the most stark points to note are the sharp rise in properties available for sale in both Perth and Darwin, keeping in mind in late 2012 and early 2013 both cities were enjoying the strongest capital growth conditions.
More recently both cities have recorded falls in home values. The number of houses listed for sale in Sydney (15,535) is lower than house listings in both Melbourne (21,492) and Brisbane (15,566). Melbourne also has a higher total number of units available for sale (12,135) than those in Sydney (9,013).
Overall the data highlights that the total supply of stock available for sale is lower than at the same time last year. When you consider that sales volumes are around 20% higher than at the same time last year it is no wonder that we are seeing upwards pressure on home values.
More recently we have seen listings start to climb and it will be interesting to see how this unfolds and whether they remain elevated into 2014 or if we see a moderation such as that recorded at the start of 2013.
Across individual capital cities, new house listings are lower than a year ago in Adelaide and Hobart and new unit listings are lower in Brisbane, Adelaide and Darwin.
Total listings for houses are lower than a year ago in all cities except Perth and Darwin and total listings for units are lower than a year ago in Sydney and Brisbane but higher elsewhere.