Over the year, the stock available for sale in Melbourne jumped by 24.3%. In Sydney, property listings rose by 2.4% over the month to be up 18.2% higher from a year ago. Listings also jumped by 10.3% in Canberra over the month while asking house prices also continued to rise in the nation’s capital, compared to drops in Sydney and Melbourne.

In Hobart, listings rose 0.6%, but remain down 12.9% from a year ago, reflecting a shortage of properties available for sale there. In Perth, stock on market fell 1.1% in October, while Darwin’s listings dropped 4.9%. In Adelaide, listings dropped 3.2%. Listings were flat in Brisbane over the month.

Louis Christopher, Managing Director of SQM Research, said a slight drop in listings is normal October after a rise in September listings.

“It is typical to record a slight decline in listings in October after an initial Spring jump in September. A second surge is usual in November, before the property market slows down for Christmas, and so we expect listings to rise again this month,” said Mr Christopher.

“Having said that, listings were significantly up in Melbourne, creating large recorded rises over the year, which is illustrative of the downturn Melbourne has entered into.  In Sydney too, listings are up compared to a year earlier, as well as Canberra, as more vendors consider selling,” he said.

Asking Prices

Capital city average asking prices were steady for houses at $939,200 while unit asking prices fell 0.4% to $569,500 over the month to 6 November. Asking house prices in Sydney fell again, by 0.3% to $1.30 million, to be down 2.8% from a year earlier. Unit prices too fell by 0.4% to $702,700, as the property market continues to correct in Australia’s biggest city.

Melbourne asking house prices fell again to $959,200, though unit prices were up 0.5% to $553,100. Canberra’s asking house prices in contrast rose by 0.7% over the month to 6 November to be up 12.7% from a year ago, the greatest growth of any capital city.

Key Points

• National residential listings fell 3% in October 2018 from September, but were up 3.3% from a year earlier.
• Melbourne listings rose 9% and are up 24.3% higher over the year.
• Listings rose by4% in Sydney, up 18.2% higher from a year ago.
• Capital city average asking prices were steady for houses at $939,200 while unit asking prices fell 4% to $569,500 over the month to 6 November.

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