Despite new sellers coming into the market in record levels this month, the number of homes available for sale has fallen to a decade low, with buyers still outpacing sellers.
CoreLogic data shows about 145,000 properties are available for sale around the country, the lowest number since 2010. This is despite new listings for the month being the highest since the peak of the market in 2017.
Confidence is spreading through the market nationwide after eight consecutive months of price rises, says CoreLogic’s Tim Lawless, with house prices rising by at least 5% in most market jurisdictions across Australia in the March Quarter.
The number of home sales for the first quarter of this year was 22% up on last year. Regional Australia is still performing at a stronger rate than capital city markets.
“I think we’ll gradually start to see that ratio of sales to new listings reducing – which means we’ll probably start to see the rise in overall stock levels progressively, which is a very healthy thing,” Lawless says.