CoreLogic’s weekly housing market indicators report includes the below chart showing the massive decline in the number of homes listed for sale across Australia:
As you can see, the number of for sale listings have been trending lower for two consecutive years. They are also now down 10.9% across the combined capital cities, with listings across the smaller capitals falling the most:
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The shortage of listings does appear to be easing, however.
Last week, CoreLogic released an update to 18 April, which showed that new property listings surged to a five year high for this time of the year to be running 16.9% above the five year average:
Total listings were also tracking 12.6% below the same time last year as at 18 April, worse than the 10.9% year-on-year decline reported above:
Thus, while supply remains tight – especially across the smaller capitals – the situation is slowly easing.
Other things equal, this points to an easing of price growth from recent extreme levels, which has also been reflected across other housing indicators.