The housing market is absorbing new supply as fast as it is being added, according to research analysis firm RP Data.
The number of unique residential properties advertised for sale across the country in March was recorded at 243,941.
This figure consists of 47,805 newly listed properties over the four weeks and 196,136 re-listed properties.
RP Data said there has been a surge in the number of new properties listed for sale – 18.9% higher than at the same time a year ago.
But although new listings surged, total properties advertised for sale are 3.8% lower than they were a year ago, reflecting the rapid national sale rate, RP Data said.
“To put it simply, properties are being absorbed by the market faster than they are being listed for sale.”
New listings for houses are 20.2% higher than they were a year ago, however, total house listings are down 4.5%. New unit listings are also significantly higher, up 22.6%, while total unit listings are down 5.1%.
Across the individual capital cities, each region except Canberra (-12%) is recording a higher number of new properties listed for sale than a year ago.
Sydney and Melbourne – experiencing the strongest capital growth conditions – have recorded the largest rise in new listings over the year, up 49.7% and 32% respectively compared with a year ago.
Although new capital city property listings are generally higher than they were a year ago, total listings are 8.3% lower, RP Data said.
Each capital city except Hobart (3.3%) and Darwin (25.2%) has recorded fewer total listings.
RP Data thinks it is “encouraging” to see a greater number of new residential properties coming to the market than at the same time last year, but it is important to remember sales transactions in most regions are much higher than they were a year ago.
“Clearly buyer demand has escalated and quality properties are not staying on the market for a long period of time which is highlighted by the fact that total listings both at a national and capital city level are lower than they were a year ago.”