Monitoring the stock of property for sale is an important health check on the market and, coupled with activity, gives us a sense whether it is a buyer’s or seller’s market.
Both house and unit sales rallied, increasing by 6% respectively but this was not sufficient to lift overall activity back to the year to date average of just over 780 which has been trending down since June.
Properties for sale continue their gradual recovery from a low of 10,255 in early September which may reflect the softening of first home buyer activity reported last week.
First home buyers are takers from the market and history shows a strong inverse relationship between stock levels and first home buyer activity. For a fourth week, rental listings remain steady at just under 5,900.