Fewer property listings a result of higher prices

Five of Australia’s eight capital cities have recorded declines in property listings during the past year.

The biggest decline has occurred in Melbourne, according to new statistics from CoreLogic RP Data.

There were 30,327 listings in Melbourne for the 12 months to 8 March 2015. That marked a 10.6 per cent fall on the previous year.

Meanwhile, Melbourne’s median property price grew 7.4 per cent in the period between March 2014 and February 2015.

Sydney experienced a 10.0 per cent drop in listings to 19,763 alongside a 13.7 per cent jump in prices.

Hobart also saw listings decline by 10.0 per cent, to 3,014, while prices rose 0.7 per cent.

Adelaide’s listings fell 7.3 per cent to 7,952, while prices rose 3.4 per cent.

Listings in Brisbane declined 2.9 per cent to 19,032 as prices climbed by 5.9 per cent.

Conversely, Australia’s weakest property markets saw a big increase in listings.

Darwin experienced a 33.1 per cent jump in listings to 1,445 alongside a 1.6 per cent increase in prices.

Canberra’s listings increased by 26.4 per cent, while prices increased by 1.8 per cent.

Perth’s listings grew 12.2 per cent to 19,604, while prices climbed 0.6 per cent.

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