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New home listings fall but still higher than last year

The number of homes newly listed for sale nationally fell over the past week compared to the previous week, which was clearly influenced by the Victorian lockdown significantly constraining Melbourne's new seller activity.

Although weekly national new listings for established homes were down by 2.1%, the number of new listings recorded so far this year remains 7.1% higher than over the same period last year.

Melbourne's new listings fell sharply by 26.0% over the week clearly as a result of local lockdown policies, with Brisbane and Adelaide also down, falling by 2.1% and 7.9% respectively.

Sydney weekly new listings however increased by 2.1% with Perth up sharply by 13.4%.

Sydney has recorded the highest number of new listings for established homes over the first three weeks of February – 5.1% higher than lockdown-impacted Melbourne and 40.2% higher than Brisbane.

Newly Listed

Newly Listed 2

Total Newly Listed

Although there are some early signs of a decline in recent strong new listings growth, sellers can be expected to continue to take advantage of current strong buyer competition for property and the clear prospect of higher prices.

About Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.
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