As shown above, you can see that there is wide divergence across capital cities. Of particular note, listings in Sydney have fallen sharply, down 17% over the year and are sitting at very tight levels. By contrast, listings in Melbourne remain highly elevated, up 2.8% over the year and roughly double those of Sydney.
According to SQM’s managing director, Louis Christopher:
“Nationally, listings are still elevated. However, there is now a large contrast between the readings of certain cities. Take Melbourne as an example – Despite apparent high clearance rates at auction, there is still too many listings on the market, creating headwinds for a Melbourne housing recovery.
“In contrast, Sydney is clearly experiencing a shortage of listings in the market, which is putting upward pressure on real estate prices. This is particularly the case in the inner ring where listings have fallen by approximately 25% over the past 12 months.”
