Home sellers rush the February property market

Generally, robust housing market conditions have motivated a rush of sellers keen to take advantage of the currently strong buyer appetite for property.

The latest data from My Housing Market reveals that the number of national capital city established homes newly advertised for sale over the week ending February 7 surged by 11.5% compared to the previous weeks total.

National total new listings over 2021 so far have are now 7.2% higher than recorded over the same period in 2020.

Most capitals reported increases in established homes newly listed for sale over the past week with Melbourne the top performer up by 28.1% followed by Sydney 15.1%, Adelaide 11.5% and Brisbane up 10.2%.

Newly listed home numbers for Perth however fell by 36.6% over the week clearly reflecting the impact of the recent coronavirus lockdown.

Melbourne also reported the most newly listed established homes for sale over the past week – 12.7% higher than Sydney’s total.

Newly advertised listing numbers can be expected to continue to surge over the coming weeks and track higher than last year’s results at the same time – particularly as the autumn home auction season gathers pace.

More listings will be good news for buyers offered more choices – but can expect to pay higher prices in a hot market.