Clearance Rate: A wrap of the nation’s residential property sales for the week ending Sat Aug 2nd

A DROP in the number of properties listed for sale nationally means sellers still have the upper hand in the market.

According to the latest figures from SQM Research stock levels dropped nationally in July to reach a more than three year low.

It found there were 334,683 unsold properties on the market in July 2014 — a 3.6 per cent drop compared to last month and a 4.8 per cent drop on the same time last year.

Louis Christopher of SQM Research said the rate of decline seemed to have slowed up a little.

He said it was definitely still a sellers as there were more buyers than sellers in the market right now.

He said the Sydney market was still going strong and Melbourne had the largest level of stock on the market of all capital cities.

“It is coming off but there is still just a lot of stock to absorb before we see any kind of major increase in dwelling prices (in Melbourne),’’ he said.

On other hand Darwin was the only capital where listings were up.

Mr Christopher said there was now enough evidence to suggest that there is a downturn happening in the Darwin market.

Mr Christopher said lower stock levels indicated an active market.

“Just as the climbing stock levels experienced in 2010 pointed to a slump in Australian property,’’ he said.

“The national housing market overall remains buoyant with real estate listings being absorbed at a fairly fast pace and buyers moderately outnumbering sellers,’’ Mr Christopher said.

Adelaide recorded the largest monthly drop in stock levels, down by 7.8 per cent.

Listings are on the way down.
Source: News Limited

Mr Christopher said the latest figures showed that it was a sellers market because fewer properties meant more demand.

The speed of the drop off of properties available for sale though is starting to slow.

Mr Christopher said at the same time that listings had dropped asking prices had also fallen marginally for houses — by 0.2 per cent.

While asking prices for units had increases slightly since last month up by 0.2 per cent.

“The national housing market overall remains buoyant with real estate listings being absorbed at a fairly fast pace and buyers moderately outnumbering sellers,’’ Mr Christopher said.

Darwin was the only capital where stock levels increased in July.

Adelaide recorded the largest monthly drop in stock levels, down by 7.8 per cent.