The number of residential property listings remains tight with SQM Research data’s latest report showing a 6.4% fall in the past month.

There were 256,000 properties listed nationally in March and 239,660 in April, although SQM Research Managing Director, Louis Christopher, says the April drop was largely a result of school holidays and Easter.

“We are seeing a continued year-on-year rise at the national level,” he says.

The number of properties listed for sale is now 5.6% higher than it was at this time last year.

The increase was driven by Melbourne with the largest increase in listings in the past 12 months of 17.7% and Sydney, up 12.8%.

New property listings, properties that have been listed within the past 30 days, also increased by 10.6% over the past 12 months.

“As the realisation sets in for all market participants that an interest rate cut is not imminently coming, we expect market caution to build over the winter months and so do not at this time rule out some housing price falls in our largest capital cities for the 2nd half of 2024”, Christopher says.