The number of new properties listed for sale is at its lowest since 2010, according to new data from CoreLogic.
The stock also declined 22% from the same time in 2018, the data showed.
The newly advertised private treaty properties for sale in Sydney and Melbourne recorded a 12-year low. New listings in Sydney dropped -32.5%, while new listings in Melbourne fell -29.3%, according to the data.
Adelaide and Perth were the only auction markets with a higher number of homes taken to auction in the week ending 2 August, compared to the same week in 2018, the data showed.
There are signs vendor confidence is improving as the market seems to stabilise, according to Cameron Kusher, a senior research analyst at CoreLogic.
“With the spring listing season only one month away, there is a strong chance listing numbers will rebound sharply as pent-up vendor demand is unleashed,” he said.
In the week ending 9 August, 1,014 capital city homes are up for auction, falling from 1,124 auctions the previous week. It is also less than the auctions held during the same week in 2018, according to the data.
In Sydney, there are 352 homes for auction in the week ending 9 August, declining from 394 auctions held during the previous week. It is also lower than the auctions held last year, the data showed.
In Melbourne, there are 360 scheduled auctions, also declining from the previous week. It is 26.9% lower than the auctions held for the same week a year ago, according to the data.
