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The level of real estate agent activity has fallen for the second week in a row, according to RP Data’s Market Activity Index.
While many have attributed the fall in activity to the consecutive grand final weekends, RP Data’s head of property research Tim Lawless said the drop is more likely to be symptomatic of the seasonal influence of spring.
“The rapid acceleration of the Index reflected the spring scramble as agents hurried to prepare properties for the spring selling season. With the selling season now well under way agents are much more focused on selling rather than listing,” he said.
The number of new property listings entering the market has been around 50,000 over the past three weeks, based on a rolling monthly average.
According to figures from RP Data, this is the highest number of stock additions to the market since the end of May.
While new listings remain high compared to earlier in the year, the total amount of homes available for sale has been falling, suggesting that more supply is being absorbed than added to the market.
The estimated value of stock on the market across Australia is now estimated to be $125.3 billion.
