Property listings fell by 6.9% in Sydney, though they are 23.5% higher from a year ago.  In Melbourne, listings fell by 4.5%, though they are 11% higher over the year to July 31. Stock on market fell 9.3% in Hobart and listings remain sharply lower from a year ago, reflecting a shortage of properties for sale.

In Canberra, listings fell 5.9% in July from June while they fell 5.6% in Brisbane and 6.8% in Adelaide.  In Perth, stock on market fell 6.3% in July while Darwin’s listings dropped by a more modest 2.2%.

Louis Christopher, Managing Director of SQM Research, said a drop in the supply of properties for sale has emerged in all capitals. However, this was largely a seasonal effect.

“There was definitely seasonality in the numbers with the school holidays falling in July and the month only had four weekends, compared to June which had five. That made a significant difference to stock levels as June listings were over-inflated by its extra weekend.

“Compared to a year ago, stock levels are higher in Sydney and Melbourne, which has kept down asking house prices in both cities, with falls posted for Melbourne over the month to
7 August and modest gains only for Sydney. Over the year, asking house prices in Sydney are up just 1.8% and Melbourne’s growth has slowed to 6%. Even in Hobart, annual growth in asking house prices has slowed despite the ongoing shortage of properties for sale there,” said Mr Christopher.

Asking Prices

Capital city average asking prices rose just 0.1% for houses to $961,200 while unit asking prices fell 0.8% to $576,600 for the month to 7 August. Melbourne prices posted losses, with asking house prices falling 0.6% to $983,700, sitting back below $1 million.

In Sydney, asking price for houses rose 0.3% over the month to $1.35 million but fell 0.8% for units to $719,200. Hobart’s growth in asking property prices has peaked, with house prices down by 0.6% over the month to 3 July and up just 6.2% over the year, down from 20%-plus gains a year through 2017. Canberra prices are still gaining, up 10.5% over the year for asking house prices to $813,500 and 7.2% for units to $410,900.

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