Properties are staying on the market for longer as older listings get ignored by homebuyers.
Figures from SQM Research showed a 5.8% increase in residential property listings in September to 242,159, up from 228,945 recorded in August.
The increase was primarily driven by older listings, which comprise properties that are on the market for more than 180 days.
Older listings increased by 9.2% over the month to 55,272 dwellings.
SQM Research managing director Louis Christopher said older listings are accumulating as a direct result of the housing downturn.
“This is also due to the fact there are currently more sellers than buyers in the national housing market,” he said.
“The downturn still continues to persist, even while we are seeing some stability with weekly auction clearance rates and asking prices.”
Hobart recorded a significant increase in older listings on a monthly and annual terms. Only Canberra reported declines in older listings both monthly and annually.
New listings also picked up during the month, up 3.8% to 73,461 properties. Hobart and Canberra witnessed the highest increase in new listings over the month.
“Now that was to be expected, given we have entered the spring selling period. However, new listing numbers are actually down on the long-term average activity recorded for a typical spring selling season,” Mr Christopher said.
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