There is a substantial gap between the number of properties advertised for sale in regional and capital markets, as well as between individual capital cities, new CoreLogic data shows.
The latest CoreLogic Property Pulse also shows that the total number of properties for sale across the nation is lower than it was a year ago.
Research analyst at CoreLogic Cameron Kusher said the listings data indicates the overall reduction is being driven by the regional housing markets.
At a national level over the week ending 16 July, there were 37,849 new listings over the past 28 days and 219,039 total listings. New listings were 2.3 per cent higher than a year ago, while total listings were 6 per cent lower.
Across the combined capital cities there were 23,138 new listings, 5.7 per cent higher than a year ago, and 101,443 total listings, 0.4 per cent lower than a year ago.
Vendors have become more active across Sydney, with new listing numbers rising almost 17 per cent year on year. Advertised stock levels across Sydney have risen to 21,300, 13.3 per cent higher than the same time a year ago. Sydney’s advertised stock levels are now higher than they have been in three years.
New listings are up 10.8 per cent from last year to 7,091. There are 27,191 total properties listed for sale, 0.1 per cent higher than a year ago. Although both new and total listings are higher than last year, they are both lower than they were in 2015.
There are currently 3,906 new and 19,547 total properties advertised for sale across the city. New listings are 2.9 per cent lower than a year ago and at their lowest level for this time of year since 2013. Total listings are -1.3 per cent lower than a year ago, however they are higher than the preceding three years.
Over the past 28 days there were 1,792 new and 8,116 total properties advertised for sale in the city. New listings are up 1.9 per cent over a year ago, while total listings are 0.6 per cent higher and at their highest level for this time of year since 2013.
The city currently has 3,028 new and 20,476 total properties advertised for sale. The number of new properties advertised for sale is 12.9 per cent lower than a year ago and at its lowest level for this time of year since 2012.
There are currently 324 newly advertised properties for sale in the city. The number of new listings is 10.2 per cent higher than a year ago, however new listings are lower than they were in each of the years between 2012 and 2015.
There are 1,271 total properties listed for sale in Hobart, which is 29.2 per cent lower than at the same time a year ago. There has been an ongoing decline in the number of properties for sale in Hobart over recent years, with total listings -62.6 per cent lower than they were at the same time in 2012.
Over the past four weeks, there were 192 new properties advertised for sale and 1,640 total properties listed for sale. The number of new properties for sale is 13.6 per cent higher than a year ago, but lower than each of the four years previous to last year.
Total listings are marginally higher than a year ago (0.2 per cent) and higher than each of the years since 2012. In fact, total listings are 62.9 per cent higher than they were in 2012.
The city had 580 newly advertised properties for sale, 33.6 per cent higher than at the same time last year. New property listings are currently higher than they were at this time each year since 2012. The last four weeks has seen 1,872 total properties advertised for sale in Canberra, which is 14.8 per cent higher than a year ago.
Mr Kusher said there are good reasons why significantly more new properties are coming to market in Sydney and Melbourne.
“This could be an indication of some concern that the market is moving, or has moved, through its peak. For the first time in a number of years, Sydney buyers have a relatively larger pool of properties to choose from.”
For its Property Pulse, CoreLogic counts properties for sale each week based on a rolling 28-day count. The data is split between new listings, relistings and total listings.