PHOTO: The number of Sydney houses hitting the market has plummeted to levels unseen since 2004. Photo: Peter Rae
The number of Sydney houses hitting the market has plummeted to levels unseen since 2004 as homeowners sit on their hands rather than brave the downturn.
New house listings in the three months to April fell 21.5 per cent compared to the same period last year, according to Domain data, and the number of new apartments dropped 24.2 per cent.
“Vendors are playing this watch-and-wait game,” said Domain senior research analyst Nicola Powell. “If they don’t need to sell they won’t. They are holding tight.”
While the number of new listings has fallen, longer sales campaigns mean overall stock levels are up 1 per cent in the past three months year on year, with almost 44,000 Sydney properties on the market.
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