With new property listings down now could be the perfect time to sell


Source: Daily Telegraph

NOW could be the perfect time to list your home for sale with new property listings down but demand still strong.

The number of newly advertised properties added to the market nationally within the past 28 days was down 1.1 per cent on the same time last, although the drops were much more substantial in some capital cities.

CoreLogic revealed new and total listings numbers had started to rise slightly but found they were still lower than levels a year ago.

Across the combined capital cities there were 28,846 newly advertised listings over the past 28 days which was 3.6 per cent lower than the same time last year.

Darwin experienced the biggest drop in new listings of 19.6 per cent, followed by Sydney which was down 16.2 per cent and Hobart down 5 per cent.

Canberra new listings dropped by 4.6 per cent and Melbourne levels were down 4.2 per cent.

Listings actually increased in Brisbane by 10.3 per cent and Perth by 14.2 per cent.

Raine and Horne executive chairman Angus Raine said new listings had started drying up around February this year.

“At the time I think the industry thought it was the result of the (upcoming) federal election,’’ he said.

“Australians are known to sit on their hands for federal elections and when their favourite football teams gets into a grand final,’’ he said.

While many thought things would bounce back in terms of listings after that Mr Raine said that hadn’t eventuated yet.

He said in some areas listings were down by as much as 40 per cent on previous years.

“Our offices certainly are finding it very, very hard to get new listings,’’ he said.

Buyers were still looking, he said, so could be a good time to list with not as much competition in the market.

Although with only ten weeks until Christmas Mr Raine said sellers would want to be on the market within the next week or two.

PRDnationwide chairman and managing director Tony Brasier said agents told him that stock levels were 15 per cent to 20 per cent below what they were earlier in the year in the larger markets.