National residential listings fell in July 2017 by 5.1 percent to 316,748, with stock levels down in all capital cities during July, according to SQM Research.

Louis Christopher, managing director of SQM said Hobart led the drop in property listings at 10.5 percent, followed by a 7.4 percent fall in Melbourne. “Listings in both cities were down sharply from a year earlier, keeping upward pressure on asking house and unit prices,” he said.

But Melbourne was the city with the highest reduction of listings, a huge 7,511 less than at the same time last year.

SQM also said: “We also probably saw more first home buyers enter the market in July, with Victoria and NSW introducing grants for first homebuyers from July 1, which will push up demand on property and prices.”

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