The number of new listings that have been added to the market over the most recent four week period is significantly higher than it was at the same time last month.
On a capital city basis, new listings numbers have increased by 7.6 per cent for houses, 10.5 per cent for units, while for vacant land, new listings are -2.7 per cent lower than they were last month.
Despite this increase, when compared to the same time last year, the number of new listings being added to the market is still lower across each individual capital city and similarly, across each state and territory with the exclusion of the Northern Territory, where new listing number are 5.8 per cent higher than they were one year ago.
According to CoreLogic RP Data, there are 99,783 residential properties across Australia’s capital cities currently available for sale.
One year ago, the number of properties available for sale was 5.4 per cent higher (105,183). Perth and Darwin are the only two cities where the number of properties currently available for sale is higher than the number of properties that were available for sale at the same time last year.
To put that into perspective, compared to last year, there are an additional 2,560 Perth properties available for sale, and an additional 379 Darwin homes available for sale.
Given some general weakness across these two markets, with capital growth across Perth and Darwin over the past year lacklustre when compared to Australia’s other capital cities, and the average time it takes to sell a home across these two cities increasing over the year, this result is not a surprise.
Similarly, across the states and territories, the Northern Territory and Western Australia both have more homes available for sale currently than they did one year ago, however the same can also be said for South Australia (+1.2 per cent) and Queensland (+0.3 per cent), where the total listings volumes are also higher than they were one year ago.
Across each of the remaining states and territories, the number of homes available for sale currently is lower than they were over the corresponding four week period last year.
New South Wales (-14.7 per cent) and the Australian Capital Territory (-13.2 per cent) are showing the most significant fall in total listings, while across Victoria (-2.6 per cent) and Tasmania (-2.9 per cent) the difference in the number of listings when compared to one year ago is less prominent.