Listings have continued their subdued 2023 run. Listings for the three months up to February were down 14.1 per cent on the same period last year. The combination of low sales volume and low sale prices have meant sellers are more defensive than ever. Construction activity falling has also had a negative impact. With property removals also dropping, it looks like this trend is unlikely to reverse soon.

February typically sees an increase in listing numbers, and while this is true again this year, new listings picked up significantly less than February last year.

The major cities and regions, Sydney, Melbourne and the Gold Coast led the drop in listings, while cities like Brisbane, Perth and Canberra had more moderate declines. Adelaide and Hobart were the only cities to see growth from the same period last year.

While listings have once again shown diminished activity this month, it appears as though the drop has reached a floor for now, with the decrease hovering between ten and twenty per cent.

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