New listings under 60 days in the Sydney region for July 2019 fell 28.4%, according to Buyer’s Domain.
Total listing numbers in the capital city fell 10.5%.
The results are more dramatic in inner west suburbs. New listings under 60 days in Balmain fell 41% over the past 12 months, while new properties listed for sale in Leichardt dropped 45.5%.
Erskineville recorded the biggest fall, with new listings under 60 days dropping 61.7%.
Source: Buyer’s Domain.
It’s not uncommon to see fewer listings before spring. By August, agents already have a good idea about the number of owners who plan to list their properties, but this year is different.
“But based on discussions within my inner west network, selling agents aren’t seeing a rise in their pipelines of potential vendors during the lead-up to spring 2019,” Buyer Domain’s founder Nick Viner said.
Sellers with a hold-and-see mindset cause listings to dry up, according to Viner.
However, once the market picks up, potential sellers are still hesitant because they are worried it will be hard to find their next home. This leads to less stock in the market.
Sellers should not wait for spring to secure their next home, as it is tougher during the spring season.
“If you locate a property that fulfils your needs now, then the best course may be to secure it before competition becomes even tougher,” he said.
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