Sydney property listings jump in February

The-number-of-property-listings-increased-108-per-cent-in-February-_157_6005888_0_14091031_300The number of property listings can give a good idea of selling sentiment and it looks like Sydney vendors are jumping at the opportunity to sell their property. Data from SQM research shows that the number of Sydney homes placed on the market climbed upwards in February, while listings across the country remained relatively steady from the month before.

Nationwide, the total number of residential listings online jumped to 351,843 during February, which was 1.6 per cent more than in February 2014. Sydney recorded the highest rise in listings, with stock numbers up 10.8 per cent over the month from 19,647 in January to 21,769.

Louis Christopher, managing director of SQM research, noted that low interest rates should continue to drive buyer demand and property sales in Sydney. This is also reflected in building approvals, which were up 4.3 per cent across New South Wales in January according to the Australian Bureau of Statistics. However, he also noted that numbers were down slightly on results from the same period last year.

“This is a normal rise for this time of year given the recent holiday season,” he said.

“It is notable that listings are still lower than where they were this time, last year for Sydney.”

The number of Sydney listings dropped 4.2 per cent over the 12 months to February, down from 22,715 to 21,769. However, this could be a result of the February rate cut. As more buyers and investors are spurred to purchase property, demand means vendors are able to sell their home more quickly and thus listing statistics end up slightly lower.

Investors or homeowners who are looking to sell might take this as an auspicious sign, particularly as prices in the New South Wales capital continue on their upward trajectory. The combination of quick sales and storming values could be a profitable one for vendors but, in any case, have a discussion with your local agent or property manager about your sale strategy.

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