The Australian residential property market is experiencing growth in the number of listings, making it more attractive to buyers, according to property data and analytics specialist CoreLogic RP Data.
The number of new listings in the Sydney housing market is currently 4.4 per cent higher than at the same time last year, while the total number of listings is 6 per cent higher.
Perth and Darwin have also experienced a jump in the total number of houses listed on the market, with total listings for the two cities having increased by 11.9 per cent and 12.8 per cent respectively compared to the situation 12 months ago.
CoreLogic RP Data points out the increase in total listings of these cities reflects a housing market slowdown.
The statistics show a similar slowdown has not been witnessed in Melbourne, Brisbane, Adelaide or Hobart, with these cities all reflecting a reduction in total listing numbers over the past year.
Coupled with higher total housing market listings is the fact ‘months of supply’ readings have also risen. This measurement indicates how long it would take the market to absorb all of the homes currently being advertised for sale based on the current rate of sale.
Sydney has returned a month of supply reading of 2.4 months, representing the first increase in the statistic since CoreLogic RP Data began monitoring it in 2012.
Months of supply readings were also up in Perth, Darwin and Canberra.
“For buyers, this is great news, as more stock being advertised for sale implies more choice across the market and a reduction in the urgency many buyers have faced when making their purchase decision,” CoreLogic RP Data said.