Property listings rise for mid-Spring

From

Figures released yesterday by SQM Research reveal national residential property listings increased in October by 2.0%, up from 312,754 in September 2019 to 318,874.  Compared to 12 months ago, listings were down by 4.8%.

All states experienced an increase in property sales listings over the month except for Darwin which experienced a decrease of 2.4%.

Sydney experienced the highest increase of 4.2%. Overall, listings are down in Sydney by 19% when compared to October 2018.  Canberra’s October sales listings was not far behind with a 4.1% increase.

Melbourne, Brisbane and Perth’s October increases of 3.7%, 1.9% and 2.7% respectively, also showed a good year-on-year turnaround for sales listings.  Hobart had a marginal increase of 0.8% over the month.

 

 

Louis Christopher, Managing Director of SQM Research said, “Capital city listings overall rose for October, which is a fairly normal phenomena during the spring selling season. Sydney and Melbourne have larger counts of new listings compared to this time last year, which should please real estate agents. Old stock still appears to be declining but remains at somewhat elevated levels. This may have made some vendors adjust their expectations over the month as asking prices in four of the eight capital cities actually fell.”

Asking prices

Capital City average asking prices decreased marginally by 0.7% for houses but increased 0.3% for units, over the month to 29 October 2019.  House asking prices are now $935,400 and units $570,100.

Compared to a year ago, the capital city asking prices posted declines of 0.8% for both houses and units.

Over the month, Melbourne, Canberra and Darwin recorded decreases in both houses and units, with Darwin showing a large decrease of 8.6% in unit asking prices.  Year-on-year Darwin’s unit prices also decreased 13.5%.

Brisbane, Adelaide and Hobart recorded increases in both houses and units with strongest growth occurring in Hobart’s unit market with a 4.8% increase.

Sydney’s median asking price for houses had decreased by 1.6% but there was a 0.7% increase for units.  Median price for houses is now $1,283.9m in Sydney. Melbourne’s current median house price of $955.6k for houses, stills sits below its $1.008m high in April 2018.

Brisbane’s median house price increased by 0.8% over the month and continues to peak from 2009, now sitting at $631.8k.

 

 

Key points

  • National residential property listings increased in October by 0%, up from 312,754 in September 2019 to 318,874. Compared to 12 months ago, listings were down by 4.8%.
  • All states experienced an increase in property sales listings over the month except for Darwin which experienced a decrease of 4%.
  • Capital City average asking prices decreased marginally by 7% for houses but increased 0.3% for units, over the month to 29 October 2019. House asking prices are now $935,400 and units $570,100.
  • Compared to a year ago, the capital city asking prices posted declines of 8% for both houses and units.

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