Housing market soaks up new supply

The housing market is absorbing new supply as fast as it is being added, according to research analysis firm RP Data.

The number of unique residential properties advertised for sale across the country in March was recorded at 243,941.

This figure consists of 47,805 newly listed properties over the four weeks and 196,136 re-listed properties.

RP Data said there has been a surge in the number of new properties listed for sale – 18.9% higher than at the same time a year ago.

“To put it simply, properties are being absorbed by the market faster than they are being listed for sale.”

RP Data thinks it is “encouraging” to see a greater number of new residential properties coming to the market than at the same time last year.

“Clearly buyer demand has escalated and quality properties are not staying on the market for a long period of time which is highlighted by the fact that total listings both at a national and capital city level are lower than they were a year ago.”