Property stock on market jumps 35% in Victoria in past year: RP Data

ACT had the biggest percentage increase of stock on market in Australia in the past year, according to RP Data, closely followed by Victoria. The number of properties for sale increased 37%, from 1,722 to 2,364. In Victoria, the number of listings increased 35% from 53,110 to 71,747.

The total number of properties for sale in Queensland has dropped slightly over the year, but it remains the state with the most homes for sale in Australia.

Queensland had a total of 84,761 properties up for sale in the month ending May 13, down from 85,162 for the same time last year.

The total number of properties for sale has increased around Australia, but the number of new listings has dropped from the same period last year in every state and territory.

The number of new listings in Australia for the month ending May 13 has dropped from 58,015 to 46,767.

While Queensland has the most available stock, New South Wales just edges it out for total property value, worth an estimated $50.5 billion.

“The number of newly advertised properties for sale rose last week however, the number of new listings remains much lower than at the same time last year (19.4% lower nationally and 15% lower across the combined capital cities),” RP Data’s Property Pulse report says.

“The slowdown in new listing numbers has seen the total number of home available for sale nationally reduce from a high of 325,446 in the first week of December to 309,074 at the end of last week. That’s 5% lower than the December 2011 peak nationally and 8.7% lower across the combined capitals.

“Across individual capital cities, the total number of properties advertised for sale is lower than at the same time last year in Brisbane (-0.9%), Perth (-7%) and Darwin (-18.7%).”

“Across all other capital cities, total listings are higher than at the same time last year with the largest increases recorded in Canberra (42.2%) and Melbourne (35.2%),” says RP Data.