Stock levels remain tight across the strongest housing markets this spring, but are rising in areas where market conditions are softening, according to CoreLogic’s latest Property Pulse report, released on Thursday.
For the latest analysis, Cameron Kusher, head of research at CoreLogic, measured the amount of advertised stock on the market on a rolling 28-day basis.
“Advertised stock levels provide a unique count, meaning that listings are matched to properties and when a property is advertised in more than one place it is only counted once,” he said. “It’s important to note that typically these counts are more reflective of the established housing market rather than off-the-plan where stock often isn’t individually advertised.”
CoreLogic is currently tracking 226,007 properties advertised for sale across Australia. This figure is 5.3% lower than a year ago, and is “well down on levels at this time of the year for the past five years.”
Across the combined capitals, total stock advertised for sale is 1% higher than it was a year ago, with 110,909 properties advertised over the past 28 days.
“By comparing capital city and national data it indicates that the amount of stock for sale in the regional markets is substantially lower than it has been over recent years,” Kusher said. “The combined regional markets account for 50.9% of total listings, its lowest proportion of national listings since December 2011.”
Sydney
The Harbour City currently has 25,625 properties advertised for sale, a 19.5% increase over last year. The amount of stock on the market is now higher than during the same time over the past four years.
Melbourne
The Victorian capital has 30,570 properties advertised for sale, and stock levels are 1.7% lower compared to one year ago. The volume of stock for sale is lower for this time of the year than at any time over the past five years.
Hobart
The Tasmanian capital – which registered strong capital gains over the last quarter – has 1,157 properties for sale this spring. This is 33.6% lower than a year ago, and has been at its lowest point over the past five years.
“In fact Hobart stock for sale is -54.7% lower than it was two years ago,” CoreLogic said.
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