Residential real estate stock levels dipped in May: SQM

SQM Research reveal national residential property listings dropped in May by 6.3% to 245,953, down from 262,617 in April. Old stock is being cleared nationwide as the number of buyers outstrips sellers during this property boom, SQM managing director Louis Christopher noted. The largest monthly falls in property listing were in Canberra, Melbourne, Brisbane and Adelaide. Stock levels trended downwards in regional locations around Australia, which is putting pressure on asking property prices, he noted. Compared to 12 months ago, listings fell 19.2% across the nation, with the biggest falls in Hobart, Adelaide, Canberra and Brisbane. New listings - for sale for less than 30 days - fell 2.4% over May 2021 to 79,673 properties on the market, though they rose 54.1% over the year. New listings dropped the most in in Canberra and Melbourne, down by 7.5% and 6.8%, respectively. Perth and Darwin went against the trend and posted rises in new listings of 2.9% and 1.5%, respectively. "In a sign that older stock is clearing, property listings over 180 days dropped by 9.2% in May 2021 and they are down 44% over the year, with falls posted recorded in all capital cities, and particularly larger falls in the smaller capital cities," Christopher noted.