All states experienced a decline in property sales listings over the month, with Sydney experiencing the highest decline at 7.6% followed by Perth with a 4.0% decline. Brisbane recorded the lowest decline at 1.9%.

Year-on-year Sydney’s listings declined by 10.5%, Darwin declined by 4.8% and Perth by 2.6%. All other states recorded increases in their year-on-year listings.  Canberra’s increase was 17.1%, the highest increase in the nation, followed by Hobart with an increase of 11.5%.

Louis Christopher, Managing Director of SQM Research said, “July’s result was no doubt affected by seasonality with the winter months historically a low time for new listings. However we note there was also a large decline in older stock, which may indicate that sales rates did rise in July or more vendors opted out of their sales campaigns.

“The rise in asking prices in Sydney of 2.6% for houses (+1.2% for units) indicates increased confidence by vendors of a turnaround in the market. Vendors in Sydney would be well advised though to not get ahead of themselves in what is still a cautious market.”

Asking Prices

Capital City asking prices increased marginally by 1.7% for houses and 0.6% for units, over the month to 6 August 2019. Unit asking prices are now $566,500 and houses $919,900.

Compared to a year ago, the capital city asking prices posted declines of 4.3% for houses and declines of 1.8% for units.

Sydney and Canberra’s property prices continue to post increases and were the only capital cities to record increases over the month for both houses and units. Sydney increased by 2.6% for houses and 1.2% for units, whilst Canberra increased 1.6% for houses and 0.5% for units.

Melbourne managed minor increase in house prices of 0.1% but recorded a 0.1% decrease for units over the month.  Darwin also recorded increases of 1.5% for houses and decrease of 0.3% for units.  Hobart prices decreased 0.8% for houses and remained steady in the unit market.

Brisbane, Perth and Adelaide all recorded decreases in house and units prices over the month.  Perth recording a decrease of 1.3% for houses and 1.1% for units; Brisbane recorded a decrease of 0.1% for both houses and units and Adelaide’s decrease was 0.3% for both houses and units.

Key Points

• National residential property listings declined by 8% in July 2019 to 316,391 from 325,404 in June 2019. However, year-on-year listings were up by 0.7% nationally.
• All states experienced a decline in property sales listings over the month, with Sydney experiencing the highest decline at 6% followed by Perth with a 4.0% decline.
• Capital City asking prices increased marginally by 7% for houses and 0.6% for units, over the month to 6 August 2019. Unit asking prices are now $566,500 and houses $919,900.
• Compared to a year ago, the capital city asking prices posted declines of 3% for houses and declines of 1.8% for units.
• Brisbane, Perth and Adelaide all recorded minor decreases in house and units prices over the month.

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