Low levels of listings of properties for sale are helping to push up property sales and in February listings overall fell further, despite an increase in new listings.
Figures released this week by SQM Research reveal total listings nationwide fell 2.7% in February to 257,592 from 265,116 in January.
Compared to 12 months ago, listings are down by 13%. The largest monthly decreases were in Adelaide, Brisbane and Perth, but compared to a year earlier, listings fell the most in Hobart and Adelaide.
The overall fall in listings comes despite a 52% rise in new listings in February to 76,430 new properties on the market, to be up 6% over the year. Canberra new listings jumped the most by 94% while Sydney also recorded a robust rise of 71%.
Listings overall are declining because buyers still outnumber sellers and available properties are being snapped up quickly by competing buyers.