More new homes are hitting the market, but they're also being snapped up at a faster pace, according to recent figures from RP Data.
The organisation reported on March 31 that the number of unique residential properties advertised for sale across the nation over the four-week period ending March 30 reached 243,941. This helped push the number of new properties listed for sale 18.9 per cent higher than the same time last year.
At the same time, the total number of properties advertised was 3.8 per cent lower than the same time a year ago, showing how fast sales are moving across the country.
"Looking across the individual capital cities, each region except for Canberra (-12 per cent) is recording a higher number of new properties listed for sale than they were a year ago," stated RP Data Senior Research Analyst Cameron Kusher.
"Sydney and Melbourne, which are also recording the strongest capital growth conditions, have recorded the largest rise in new listings over the year, up 49.7 per cent and 32 per cent, respectively, compared with a year ago. Clearly new properties are coming to the market in both cities, however, evidence suggests that most are selling quite shortly after the listing."
This could be a particular problem for home buyers seeking accommodation in highly sought-after regions of Sydney, such as the inner west and the eastern suburbs.
Fortunately, whether you're looking to find a home in Balmain or Bondi, working with the right Sydney buyers agent can streamline the process.
Not only will a buyers agent in Sydney work tirelessly on your behalf when it comes to identifying and negotiating the purchase of a property, their intimate knowledge of the local market will make it easier to find real estate before it's sold.
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