Total property listings increased in May

From

Figures released by SQM Research reveal national residential property listings increased in May by 3.9% from 292,775 listings in April 2020 to 304,137. Compared to 12 months ago, listings were down by 12.0%.

All capital cities experienced increases in property listings over the month except for Canberra which posted a marginal 0.8% decrease.

The largest listings increase was in Melbourne and Sydney at 11.6% and 10.9% increase, respectively.  Hobart also recorded a large increase of 7.8%.

Year-on-year listings show more significant declines for all capital cities with Perth recording a 20.0% decline, followed by Darwin with a 18.8% decline and Hobart a 15.8% decline this time last year.

 

 

Louis Christopher, Managing Director of SQM Research said, “Overall, there was a rise in listings at the national level, driven by older stock not selling. We have recorded a 12% increase in listings of over 60 days. This tells me it is a patchy market with vendors struggling to meet their pricing expectations. New listings actually fell for the month at the national level, which is abnormal for May. Though we have recorded rises in new listings for Sydney and Melbourne, other cities such as Brisbane, Adelaide and others recorded a decline in new stock. Many regional locations also recorded falls in new listings.”

 

 

Asking prices

Capital City average asking prices increased by 0.5% for houses and decreased 0.1% for units, over the month to 2nd June 2020. Unit asking prices are now at $573,300 and houses $997,400.

Compared to a year ago, the capital city asking prices posted increases of 10.2% for houses and 2.5% increase for units.

Over the month, most capital cities recorded marginal asking price increases however, Sydney’s unit prices declined by 0.4%, and Brisbane, Darwin and Hobart’s house prices all recorded declines of 0.3%, 1.1% and 0.1%, respectively.

 

 

Strongest monthly growth was seen in Darwin’s unit prices with a huge 7.2% increase, followed by Hobart with a 1.5% unit price increase and Perth’s houses had a 1.2% increase.

Year on year, it was only Perth and Darwin that experienced declines in house and unit prices.  All other capital cities recorded growth this time last year with Sydney recording a strong 13.7% house price growth, Melbourne 11.9% house price growth and Hobart a 10.0% house price growth and 18.2% unit price growth, this time last year.

 

 

 

Key points

  • National residential property listings increased in May by 9% from 292,775 listings in April March 2020 to 304,137. Compared to 12 months ago, listings were down by 12.0%.
  • All capital cities experienced increases in property listings over the month except for Canberra which posted a marginal 8% decrease.
  • There was a minor decline in listings that have been on the market between 30 to 60 days, suggesting a drop of sales activity for the month. Sydney and Melbourne did record rises
  • Stock over 60 days rose by 12% to 221,117 residential dwellings.
  • Capital City average asking prices increased by 5% for houses and decreased 0.1% for units, over the month to 2nd June 2020. Unit asking prices are now at $573,300 and houses $997,400.
  • Compared to a year ago, the capital city asking prices posted increases of 2% for houses and 2.5% increase for units.

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