The number of residential property listings nationally dropped 0.2% in January, driven by a large fall in Sydney.
Residential property listings were up in every capital city except Sydney and Melbourne over January, figures from SQM Research have revealed. Sydney experienced the largest fall in available properties over the first month of 2016, with listings down 5.2%. Melbourne listings were down 2.6% over the month. These figures indicate that the number of property sellers in both residential markets is beginning to decrease.
Brisbane, on the other hand, saw the largest month-on-month increase in residential property listings, up 3% over January. This was followed by Perth (2.5%) and Canberra (1.6%).
However, year-on-year results indicate that residential property listings are up for most capital cities. Property listings in Sydney and Canberra are considerably higher than this time last year with Sydney experiencing a yearly rise of 13.7% and Canberra recording a rise of 11.2%.
Year-on-year, Melbourne and Hobart were the only two capital cities to record a drop in properties available for sale. Melbourne listing dropped 8.9% while Hobart listings dropped 7.7%.
SQM Research managing director Louis Christopher says the figures are further proof that the Sydney market is beginning to cool.
“As we enter into the new property season it’s clear that our latest indicators are suggesting a continued mixed market across the nation.
“On the one hand there is an overhang of stock on the market in Sydney, which is a symptom of the slowdown in the market there that started the second half of last year. While on the other hand Melbourne does not appear to have any overhang, and so will be entering the new season less stock on the market than what has been the average for the past five years. Our forecast released back in October 2015, that Melbourne would outperform Sydney this year, seems to be very likely now.”