Online residential listing numbers continued to rise across all major capitals in March, led by an 11.9 per cent on-month jump in Melbourne, new data shows.
“Listings have increased substantially in March, almost to the point where they were in November 2011,” according to the managing director of SQM Research, Louis Christopher.
“Now there is yet some seasonality in these numbers, however the reality is that there are an elevated number of listings in the market place to the point where we simply cannot see any current recovery taking place.”
Figures released by property research house SQM Research showed that residential listings increased during the month of March 2012, coming to a national total of 387,958 - a monthly increase of 5.4 per cent.
This figure represents a four month high in stock levels, with every capital city experiencing a monthly increase in residential sales stock. Melbourne and Sydney recorded the largest monthly increases with stock climbing 11.9 per cent (to 50,840) and 10.9 per cent (35,301) respectively during the month of March.
Year-on-year, stock levels have recorded a 9.3 per cent national increase – up from last month’s 7.7 per cent yearly increase, yet still modest compared to previous corresponding periods in recent months.
No capital cities recorded monthly declines, however Darwin recorded the smallest monthly increase in stock levels, rising by 2.4 per cent during the month of March and coming to a total of 1,324. Hobart recorded the largest yearly increase, rising by 34.7 per cent since March 2011 and coming to a total of 4,676.
Adelaide booked a 4.8 per cent on-month rise in listing numbers (to a total of 18,000); Brisbane was up 4.6 per cent (29,552); listing numbers in Canberra rose 6.1 per cent (2,079); and Perth posted an increase of 3.8 per cent (19,877).