Property listings starting to rise
The number of national capital city established homes newly advertised for sale over the week ending February 7 surged by 11.5% compared to the previous week's total, according to Dr Andrew Wilson, chief economist at the property platform Archistar.
The latest data shows the national total new listings over 2021 so far have are now 7 percent higher than recorded over the same period in 2020.
Melbourne saw the biggest early February jump, up by 28.% followed by Sydney 15%, Adelaide 11.5% and Brisbane up 10%.
Dr Wilson noted newly listed home numbers for Perth however fell by 36% over the week clearly reflecting the impact of its recent coronavirus lockdown.
Melbourne also reported the most newly listed established homes for sale over the past week - 12.7% higher than Sydney’s total.
“Newly advertised listing numbers can be expected to continue to surge over coming weeks and track higher than last year’s results at the same time - particularly as the autumn home auction season gathers pace,’ Dr Wilson said.
“More listings will be good news for buyers offered more choices – but they can expect to pay higher prices in a hot market,” he added.
Archistar is an Australian property platform which combines architectural design with artificial intelligence to inform decision-making in property and is used by agents, developers, architects, government planners and homeowners nationwide.
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