SQM Research has calculated national residential property listings decreased in January by 2.9%, falling from 272,999 in December to 265,116.
Compared to 12 months ago, listings were down by 10.5%, which is putting upward pressure on prices, given high buyer demand.
All capital cities experienced seasonal decreases in property listings over the month except for Perth. The largest decrease was 4.7% in Melbourne.
Year-on-year listings also show larger declines for most capital cities with the exception of Sydney (up 4.5%) and Melbourne (up 21%). Nationally, new listings decreased by 24% over the course of January with 16,234 fewer properties on the market.
Hobart’s new listings decreased 33%, followed by Canberra which dropped 26%. Sydney recorded the lowest decrease in new listings of 2%.
The month of January traditionally records falls in properties listed for sale as the market is still in holiday mode, SQM’s Louis Christopher says.