Figures released by SQM Research reveal national residential listings rose in March 2018 by 6.3% to 338,113, led by large gains in Sydney and Melbourne as the market opens up for its first full trading month.
Melbourne listings jumped by 13.5% while Sydney listing rose 11.8% from February. Sydney’s listings are up by 23.2% from a year earlier as homesellers attempt to exit from Sydney’s housing slowdown. Melbourne listings remain down by 6.3% over the year, though a shortage of properties for sales has lessened in recent months.
Listings rose in Hobart by 7.8% in March, but are still down sharply or 28.6% from a year earlier, with a shortage of properties for sale still prevailing in the city.
In Adelaide listing rose by 7.6% while Canberra listings increased 6.3%. In Brisbane, stock on market rose by 6.9% in March while in Perth listings rose by 7.1%. Listings rose 3.1% in Darwin.
Louis Christopher, Managing Director of SQM Research, said: “With the year now well underway, homeowners are taking advantage of strong price gains over recent years to sell their properties before any correction in the property markets hurts the value of their homes. We also had a longer month in March compared to February, so we have seen a jump in property listings.
“In Melbourne, the shortage of properties for sale which has fed strong price growth over the past year appears to be easing, though property price growth remains strong, with asking house prices now back over $1 million. However, in Hobart, home seekers are still battling a deep shortfall of homes with listings well down from a year ago,” he said.
Asking Prices
Capital city average asking prices rose 1.2% for houses while unit asking prices fell 0.2% for the month to 3 April. In Sydney, asking house prices were flat while asking unit prices slipped 0.4%. Over the year, house asking prices were up by just 2.3% to $1.37 million as the property market cools in Sydney.
Hobart’s asking property prices are cooling too, up 6.5% for houses over the year, down from 20%-plus gains a year earlier.
Melbourne asking prices for a house rose above $1 million dollars, rising by 1.7% for houses over the month while unit prices were up 0.3%. Year-on-year, asking prices rose the most in Melbourne, with asking prices for houses up 19.6% and unit prices up 14.3%. Canberra prices too are gaining, with asking house prices up 11.1% over the year and asking unit prices up 7.7%.
Key Points
- National residential listings rose in March 2018 by 6.3% to 338,113.
- Melbourne listings rose by 13.5%, but were down 6.3% from a year ago.
- Melbourne median asking price for a house rose back above $1 million dollars to stand at $1,003,600.
- Listings rose in Hobart by 7.8% in March, but are down 28.6% from a year earlier, with a shortage of properties for sale still prevailing in the city.
- Capital city asking prices rose 1.2% for houses and fell 0.2% for units for the month to 3 April March 2018.
