Property listings increase over January: SQM Research

Despite a drop in Sydney and Melbourne listings for January, property listings Australia-wide increased last month, according to SQM Research.

There was a marked increase in Darwin and Perth in particular, who have seen price downturns in the past year, which SQM Research attributes to a slowdown in local mining industries.

Source: SQM Research

Across Australia, stock on the market was up 1.9% over January to 351,509 homes. The result was 2.7% higher than in January 2014.

Both Sydney and Melbourne recorded a drop in listings for the month, with Melbourne stock on the market down 0.8% and Sydney's listings down 3.1%.

Louis Christopher, managing director of SQM Research, said: "The Sydney market remains strong and we expect a very strong opening to the Sydney auction season this weekend. However this localised market strength is not really being experienced anywhere else outside Sydney. I would even argue that Melbourne remains patchy.

"Going forward, this week's rate cut should boost demand at the national level but we must remember local economic conditions are taking precedence in certain cities, namely those cities exposed to the mining downturn. As one can see with our listings and asking prices indexes, Perth and Darwin appear to be in deep trouble."