The latest findings from SQM Research reveal an increase in sale listings for residential property in most capital cities.
Darwin showed the highest monthly increase sale listings, with a 6.7 per cent jump to 1,843 over January, 34.2 per cent up from the last 12 months.
Perth followed close behind at 5.4 per cent, a 21 per cent rise from January 2014, a slowdown resulting from the commodities downturn in Perth and Darwin, according to SQM Research.
Managing Director of SQM Research Louis Christopher said, “Going forward, this week’s rate cut should boost demand at the national level but we must remember local economic conditions are taking precedence in certain cities, namely those cities exposed to the mining downturn. As one can see with our listings and asking prices indexes, Perth and Darwin appear to be in deep trouble.”
Sydney and Melbourne went against the trend; the former showed the largest monthly decline, with stock levels all 3.1 per cent last month to 19,647.
“The Sydney market remains strong and we expect a very strong opening to the Sydney auction season this weekend,” said Mr Christopher. “However this localised market strength is not really being experienced anywhere else outside Sydney. I would even argue that Melbourne remains patchy.”
Melbourne also fell 0.8 per cent over January to 36, 779 unsold properties; a 7.5 per cent drop compared to the previous year.
Nationally, total unsold properties reached 351,509 in January 2015, a 1.9 per cent rise from December 2014 and up 2.7 per cent from a year earlier.