The number of new listings hitting the market has slowed, despite increased buyer demand and rising prices.
Analysis by Domain says as a result many locations are experiencing strong price growth. It says for the month of September, the number of new listings across combined capital cities was down 12.3%, and it is down 0.7% on the same time last year.
Ray White chief economist Nerida Conisbee says while there was a slight increase in listings from June to August, new listings have slowed since then.
“It’s a bit problematic because there’s a lot more buyers out there but at the same time, we generally expect more sellers this time around but we’re not seeing that continuing to occur as we move into late spring,” she says.
Conisbee believes the low listings will continue through to the end of the year.
She says realistically, if someone wants to sell before Christmas, they’re going to need to do that within the next two weeks.