New research from RP Data has shown that there are more properties for sale in Bexley and Sydney. The study showed that in the four weeks leading up to November 9 2014, 53,781 new houses went on the market. This was an increase of 3.8 per cent from a year ago and is the highest amount of new listings since the end of April 2011. With the current level of interest in the NSW property market, it's understandable that our state contributed heavily to these numbers.
There were 15,474 new listings in NSW making up more than one-quarter of the whole country's percentage. This bumps the number of properties currently listed in the state up to 61,835, however both of these numbers are down from 12 months ago. Within NSW, Sydney is of course a big contributor, showing the second most new listings in the country with 10,016. That is almost two-thirds of NSW's total new listings and a 5 per cent increase in new listings from 12 months ago.
Supply and demand suggest that typically when supply is higher than demand, prices drop. Statements by Housing Industry Australia (HIA) show this is indeed the case. HIA Senior Economist, Shane Garrett was pleased as he said "[t]he annual rate of home price growth nationally is back in single figures for the first time in a year". This has resulted in what he claims will be price growth "easing to a much more sustainable rate". This means that now is a great time to be looking for property.