No doubt Melbourne market has picked up, but nothing like Sydney

RP Data compares the number of new residential listings and total listings on a weekly basis as they help to provide a rounded view of the market. From the perspective of many, the volume of sales can be more important than the price of those sales.

The past two years saw a very low volume of residential sales in Melbourne which is a reflection of conservative decision-making by consumers who, as the saying goes, ‘preferred to save rather than spend.’

There is no doubt that this year, the market has picked up but there is a long way to go. The most recent data shows that there are 16.7% fewer overall homes for sale in Melbourne than 12 months ago. Given that the volume of new listings is up by 1%, this is a sign that older stock is being cleared and the property market is improving, but only moderately.

Victoria-wide, the picture is not as strong with overall listings only being lower by 10% and new listings down by 1.7%. It is often the case that the regional market moves more slowly and is less volatile that the metropolitan and that is the current case.

In stark contrast, the residential market in Sydney is moving homes very rapidly with total listings down 26.3% and new listings up only 4%. Demand is clearly very strong in the Sydney market right now.