Property listings fall sharply

With many parts of Australia in lockdown, the number of properties for sale has been falling, which has put upwards pressure on property prices.

Across Australia, the total number of property listings in August was 9.6% lower than the month before and 26.3% lower than the year before (see chart).

At the same time, asking prices have increased:

* Houses = up 1.5% over the month and 16.4% over the year

* Units = up 1.7% over the month and 10.1% over the year

Listings volumes traditionally increase during spring, but this year might be different due to the widespread lockdowns.