Listings fell by 3.8 per cent over April from 338,000 to 325,000, with seasonal Easter impacts taking hold, according to the latest data from SQM Research.
After half a decade of low stock levels, Sydney listings are 35 per cent higher than a year earlier.
In Melbourne, too, listing are now 6 per cent higher year-on-year.
Only one capital city has seen a drop over the past 12 months, and it's a big one at that.
Yep, at the other end of the spectrum is booming Hobart, where there were only 2,270 listings, down 27 per cent from a year earlier.
It's now interesting to see how supply responds in Hobart, being a small city of about 230,000.
Building approvals figures to follow later this week!