The different tiers of Australia’s property market have been further illustrated thanks to recent analysis of residential property listings by CoreLogic RP Data.
According to the analysis by CoreLogic RP Data’s Sharon Miller, in the 12 months to June 28 this year, the total number of residential property listings decreased in all capital cities except Perth
Those two cities saw substantial year-on-year increase in listings, with total Perth listings up 14.8% and total Darwin listings up 28.8%
Over the same time frame Sydney saw the biggest drop in total listings, with the number of dwellings for sale down 19.1% over the 12-month period.
Melbourne and Canberra saw the next biggest drop in listings, recording decreases of 14.6% and 13.7% respectively.
Across all capital cities, total listings dropped by 6.5%
“Perth and Darwin continue to be the only two cities where total listings are higher than at the same time last year, showing that there is some underlying weakness across the two markets, with stock not being absorbed as quickly as across the other Australian cities,” Miller said.
“In terms of the number of listings, there are more homes available for sale currently in each of Melbourne, Brisbane and Perth than there are in Sydney,” Miller said.
“This further highlights the supply-side pressures in Sydney which are leading to strong levels of growth in home values.”
The analysis shows that Perth and Darwin are also outliers when it comes to the number of new listing advertised in the year to June 28.
Perth and Darwin both saw new listings decrease by 5.3% over the year, with Adelaide
’s smaller drop of 1.7% the only other decrease over the period.
Sydney and Melbourne again led the way, with the cities seeing new listings increase by 10% and 9.2% respectively.
Across all capital cities, new listings increased by 5.5%.
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