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Residential property listings increased substantially during November, according to SQM Research.
Figures just released show national stock levels increased by 6.3 per cent during the month to a total stock on market figure of 369,057.
SQM Research noted there were five weekends during the month of November, but suggested the biggest factor in the increase of stock has been a later than usual ‘spring selling season’.
Managing director of SQM Research Louis Christopher said, “No doubt, the disruption of the election in September created a lag effect in listings, which is coming through now, so it is no surprise listings had a large jump in November.”
According to Mr Christopher, the large volume of properties on the market contributed to a slight decrease in auction clearance rates in November, but this should not be a concern subsequently.
“Seasonally, listing activity is very strong in the later spring months and is the prime reason there has been a dip in auction clearance rates in recent weeks. So for now, I am not concerned about any new slowdown in the market,” he said.
Different markets continue to perform at different levels, with a 12.8 per cent increase in stock on market recorded in Sydney compared to just 3.8 per cent in Darwin.
Canberra and Melbourne both recorded double-digit growth, at 11.5 per cent and 10.7 per cent respectively.