National residential property listings climbed during the month of February, mostly driven by strong growth in Sydney, according to SQM Research.
The number of listed properties rose to 354,633 in February 2016, increasing 3.4 per cent from January 2016. The rise was predominately driven by a 15.1 per cent surge in Sydney listings. Residential property listings rose in most capital cities during the month of February, excluding Hobart which experienced a slight fall of 0.7 per cent.
Year-on-year results indicate that residential property listings are up for most capital cities. Notably, property listings in Sydney and Darwin are considerably higher than this time last year (February 2015). Sydney experienced a yearly rise of 18 per cent, with residential property listings climbing from 21,769 to 25,698. Darwin also experienced excessive yearly growth with sale listings up 12 per cent based on a total 2,050 listings.
These figures indicate that the number of property sellers in both residential markets has increased when adjusting for seasonality.
In contrast, year-on-year results indicate that once again Hobart and Melbourne are recording considerable yearly falls. Hobart recorded the biggest yearly change, with sale listings falling by 6.8 per cent, reducing the number of properties for sale to 3,897. Melbourne also recorded yearly falls with records indicating a yearly change of 5.6 per cent.
SQM Research stated that listings normally increase at the beginning of the year, as the "market opens up from the summer hiatus".
However, SQM Research revealed that the rise from Sydney was "well above normal seasonality and well above levels recorded this time last year".
"This is evidence of a slower Sydney market where it is taking longer to sell," SQM Research stated. "On the other hand, recording a decline at this time of year, as what has happened with Hobart, is also abnormal and is suggestive of a strong market made up of many buyers and fewer sellers."