Residential listings fell across the board in seasonally quiet July, driving national listings 5 per cent lower to 314,229 (about 1 per cent lower than the 316,748 recorded a year earlier), according to the latest SQM Research figures.
Sydney recorded a sharp 7 per cent drop as some potential vendors elected to sit tight.
Despite this drop Sydney listings remain 23.5 per cent higher than a year earlier, after nearly half a decade of low stock listings.
Interestingly asking prices in Sydney remain higher year-on-year, especially for apartments, so some vendors clearly still have lofty expectations in the face of a weaker market (or perhaps in the upper price deciles are selling more slowly).
In Hobart there are now fewer than 2,000 listings, with stock on market plunging by a quarter year-on-year.
Not a whole lot of fun for prospective buyers in the Tasmanian capital right now!
Spring selling season will be one to watch with interest this year...