The number of properties listed for sale has fallen even further as prolonged lockdowns continue along the eastern seaboard of Australia. New figures from the REA Group show that property listings dropped by 10.4% nationally in July while buyer demand remains high.

Realestate.com.au reports a 19% increase in potential buyers searching its online listings in the past week, compared with the same time last year. That’s good news for those who want to sell at top end prices, but bad news for buyers who are facing increased competition, according to REA Director of Economic Research Cameron Kusher.

Nationally listings are now 23.7% lower than at this time last year, recording the largest year-on-year drop since 2016. New listings dropped by 27.3% in Sydney, 26.9% in Adelaide, 14.2% in Melbourne and 6.6% in Brisbane during the month.

Kusher says demand for properties remains at near record-high levels.