The number of new listings added to the national housing market through November was up 56 per cent from the depths of winter, however compared with previous spring periods, newly advertised stock hasn’t been this low since CoreLogic began tracking listings in 2007.
With fresh listings at a lower than normal level and buyer demand rising, the total number of advertised properties available for sale is also tracking at historic lows, down 12.4 per cent nationally compared with last year and the lowest reading for this time of the year since 2009.
With buyers taking advantage of the lowest mortgage rates since at least the 1950s along with an improvement in credit availability/borrowing capacity, market activity is rising.
At a glance:
• New listings up 56 per cent from winter across the nation
• Lowest mortgage rates since the 1950s
• Total number of sales down 12.4 per cent compared to last year
With such a small pool of stock available for sale, competition amongst buyers is increasing, adding a sense of urgency to the market which is another factor supporting price growth at the moment.