There are more property listings available in Sydney since 2012, but even as the city sees an increase in total available housing, new property listings continue to drop, Business Insider Australia reported.
According to CoreLogic’s data, properties listed for sale surged by 21.8% compared to last year, totalling 25,903. However, new listings – properties that have not been advertised for sale within the past six months – are trending downwards.
“They’re below the usual levels for this time of year,” Business Insider Australia said.
This slowdown could be due to the soft market, which prompts some vendors to delay selling their properties. Another possible reason could be stricter lending regulations, which discourages consumers by curtailing their ability to purchase homes and investment properties.
On the brighter side of things, the low demand has driven home prices downward, with Sydney’s median home price falling 4.5%. For those with the resources, it is definitely a good time to buy. As housing supply diminishes, though, prices are likely to be more resistant to drops.
“If [these] trends continue over winter, it could act to support prices should total listings start to decline and demand not weaken any further,” Business Insider Australia said. "It’s only a hypothesis at this stage, but it’s a trend worth watching over the rest of winter.”
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