Property Listings record abnormal decrease in September 2019

From

Figures released by SQM Research reveal national residential property listings decreased in September by 4.0%, from 325,693 in August 2019 to 312,754.  Compared to 12 months ago, listings were down by 6.9%.

All states experienced a decrease in property sales listings over the month, with Hobart experiencing the highest decrease at 6.4% followed by Melbourne and Perth both with a 5.8% decrease. Sydney was not far behind with a 5.7% decrease. The lowest decrease was Canberra of 1.1% over the month.

Year-on-year Sydney’s listings declined by a significant 20.4%.  Perth and Darwin both recorded a 9.0% yearly decrease.  Melbourne, Brisbane and Adelaide declined by smaller margins.

Perth and Darwin’s year-on-year listings also saw declines of 4.6% and 3.6% respectively. Canberra and Hobart’s year-on-year listing increased by 3.1% and 8.4%, respectively.

 

 

Louis Christopher, Managing Director of SQM Research said, “September’s decline in listings was an abnormal result. Listings normally rise for the first month of the spring selling season. New listings did rise. It just that older listings recorded a large decline. It suggests stock is being absorbed at a quicker rate.

Turning to Sydney, the evidence, by way of the fall in listings, the rise in auction clearance rates and the accelerated rise in asking prices, all suggest that the city has indeed entered into a new housing boom. Melbourne is not that far behind the mark as well. I think we can expect to record rapid rises in dwelling prices for our two largest cities at least in the December quarter and likely beyond.”

Asking Prices

Capital City asking prices increased marginally by 1.5% for houses and 1.4% for units, over the month to 1 October 2019. Unit asking prices are now $568,300 and houses $942,400.

Compared to a year ago, the capital city asking prices posted declines of 0.1% for houses and declines of 0.7% for units.

Over the month, Sydney, Melbourne, Brisbane and Hobart all recorded increases in both houses and units, with Melbourne showing the strongest growth of 2.1% in the housing market and Hobart recording a 3.8% growth in the unit market.

Perth’s house and unit market has declined marginally by 0.5% and 0.1% respectively.  As did Darwin’s asking prices, declining 0.9% for houses and 0.8% for units.

Sydney’s median house asking price has increased by 1.9% for houses and 0.8% for units.  Median price for houses is now $1.305m in Sydney, not far behind its peak in Jan 2018 of $1.39m.

Melbourne current median house price is $959.6k for houses, inching closer to its $1.008m high in April 2018.

Brisbane’s median house price has hit its peak of $627.1k since 2009.

 

 

Key Points

  • National residential property listings decreased in September by 0%, from 325,693 in August 2019 to 312,754. Compared to 12 months ago, listings were down by 6.9%.
  • All states experienced a decrease in property sales listings over the month, with Hobart experiencing the highest decrease at 4% followed by Melbourne and Perth both with a 5.8% decrease. Sydney was not far behind with a 5.7% decrease. The lowest decrease was Canberra of 1.1% over the month.
  • Capital City asking prices increased marginally by 5% for houses and 1.4% for units, over the month to 1 October 2019. Unit asking prices are now $568,300 and houses $942,400.
  • Compared to a year ago, the capital city asking prices posted declines of 1% for houses and declines of 0.7% for units.

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