Housing Oversupply
New Listings Are Higher Than Year Ago While Total Listings Are Lower
The number of properties advertised for sale is showing some substantial differences between regional and capital city markets as well as between individual capital cities.
The number of properties being advertised for sale across the nation is much lower than it was a year ago. Looking at the data, it indicates that the reduction in properties for sale is largely being driven by the regional housing markets rather than the capital cities.
CoreLogic counts properties for sale each week based on a rolling 28 day count. The data is split between new listings, re-listings and total listings. New listings are properties that we haven’t previously seen listed for sale over the past three month, re-listings are properties that have been listed for sale at least twice over the past three months and the sum of the two is total listings.
At a national level over the week ending 16/07/2017 there were 37,849 new listings over the past 28 days and 219,039 total listings. New listings were 2.3% higher than a year ago while total listings were -6.0% lower. Across the combined capital cities there were 23,138 new listings which was 5.7% higher than a year ago and 101,443 total listings which was -0.4% lower than a year ago. Overall new listings are higher than a year ago and total listings are lower. However, when comparing the capital city and national listing figures it indicates that new listings are being driven higher primarily by capital city markets while total listings are lower fueled by falls in stock across regional housing markets.
The charts we have provided highlight the number of properties advertised for sale at specific points in time over each of the past six years. The current growth phase commenced in June 2012 so showing six calendar years provides an indication of stock levels before growth commenced and how that has evolved throughout the value growth phase.
Taking a look across the individual capital cities there are some dramatic differences in the number of properties available for sale relative to recent years.
CoreLogic counts properties for sale each week based on a rolling 28 day count. The data is split between new listings, re-listings and total listings. New listings are properties that we haven’t previously seen listed for sale over the past three month, re-listings are properties that have been listed for sale at least twice over the past three months and the sum of the two is total listings.
At a national level over the week ending 16/07/2017 there were 37,849 new listings over the past 28 days and 219,039 total listings. New listings were 2.3% higher than a year ago while total listings were -6.0% lower. Across the combined capital cities there were 23,138 new listings which was 5.7% higher than a year ago and 101,443 total listings which was -0.4% lower than a year ago. Overall new listings are higher than a year ago and total listings are lower. However, when comparing the capital city and national listing figures it indicates that new listings are being driven higher primarily by capital city markets while total listings are lower fueled by falls in stock across regional housing markets.
The charts we have provided highlight the number of properties advertised for sale at specific points in time over each of the past six years. The current growth phase commenced in June 2012 so showing six calendar years provides an indication of stock levels before growth commenced and how that has evolved throughout the value growth phase.
Taking a look across the individual capital cities there are some dramatic differences in the number of properties available for sale relative to recent years.
Sydney
Vendors have become more active across Sydney with new listing numbers rising almost 17% compared with a year ago while total advertised stock levels across Sydney have risen to 21,300; 13.3% higher than the same time a year ago. Sydney’s advertised stock levels are now higher than they have been over the preceding three years, providing buyers with more choice and potentially less urgency in their decision making.
(Source: CoreLogic)
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