More homeowners are taking advantage of strong selling conditions but property listings still cannot keep up with the homebuying frenzy, particularly in regional areas.
The number of new properties listed for sale on realestate.com.au has been trending higher in 2021, despite the inaugural REA Insights Listings Report released on Thursday showing a moderate dip in April.
But the total supply of properties listed for sale remains low, indicating properties are selling quickly amid strong buyer demand.
Realestate.com.au director of economic research Cameron Kusher said buyer demand remains close to record high levels and continues to outstrip supply, pushing prices higher.
“Active listing volumes continue to drift lower, highlighting strong demand,” Mr Kusher said.
“With demand at heightened levels, residual stock for sale continues to be sold, reducing the active supply.
“This demonstrates that despite rising prices and some steam coming out of the market, we are still seeing strong buyer activity.”
The number of properties newly listed for sale on realestate.com.au reached their highest level in 17 months in March, before pulling back in April.
Mr Kusher said while new national listings fell by 6.9% in April compared to March, it was still the second-highest number of monthly new listings since October 2019.
Mr Kusher said there were already signs the market is starting to move to a better balance between demand and supply, although demand was still far outstripping supply.
“As the year progresses I expect to see a further shift toward equilibrium, however, I also expect demand will continue to outweigh supply, pushing prices higher.”