New residential listings continued to trend down last week, despite the start of the spring selling season and the first fall in interest rates in almost seven years. The downward trend suggests vendors remain reluctant to place their property on the market despite what is generally considered to be the peak selling season.

The total number of residential listings being advertised has remained relatively stable since June this year, indicating stock absorption is roughly in line with stock additions.

Consumer confidence figures published by Westpac/Melbourne Institute shows that consumer confidence increased by 7% during September, the second increase in as many months. Falling fuel prices and the hope of another rate fall during 2008 should continue to positively influence consumer confidence during the last quarter of 2008. Importantly, as confidence increases, so to should market activity which is currently around 30% below the long term average.

 Source: RPdata