Listings surge over October – Sydney and Melbourne listings rise over 25%

From

Key points

  • National residential property listings rose in October 2021 by 11.8% to 239,866 from 214,566 properties in September. Compared to 12 months ago, listings remain down 22.2%.
  • Nationally, new listings (Less than 30 days) rose 27.6% over October, with 94,149 new properties added onto the market. New listings are up 18.2% over the year. Old listings rose 0.5% in October yet were down by 52.3% over the year.
  • Capital city combined asking prices were unchanged for the month. Asking prices fell in Sydney but rose on most other capital cities.

Figures released yesterday by SQM Research reveal national residential property listings surged in October 2021 by 11.8% to 239,866 from 214,566 in September 2021.

Sydney and Melbourne recorded a significant leap in listings of 25.5% and 25.1% over the month, as a result of the end of lockdowns. This is the largest single percentage increase (month on month of total listings) recorded for Sydney and the 2nd largest single percentage increase (month on month of total listings) for Melbourne. Over the year, property listings are trending downwards nationwide. Compared to 12 months ago, national listings remain down 22.2%.

Nationally, new listings (Less than 30 days) rose 27.6% over October 2021 to 94,149 properties on the market, though they rose 18.2% over the year. New listings dropped the most in Darwin down by 8.1%. Over the month, new listings rose the most in Melbourne by 82.4% followed by Sydney and Canberra by 41.1% and 48%. This is the third largest count of new listings to enter the national market for any month.

Property listings over 180 days rose by 0.5% in October 2021 and while old listings are down 52.3% over the year, the monthly rise was the first rise since May 2020 in what could be a sign that absorption rates are peaking.

Commentary

Louis Christopher, Managing Director of SQM Research said: “The large rises are predominantly because of the opening of Sydney and Melbourne from lockdown. October also seasonally is a strong month for new listings as it is the middle month of the traditional spring selling season. However, with increasing chatter about future interest rate rises and macroprudential intervention by APRA, an increasing number of vendors may also be thinking now is a good time to sell.

If we see similar strong listing activity in November, it will test the absorption rates and may point to a peak in the housing market.”

Asking prices

Over the past 30 days to 2 November 2021, Sydney asking prices fell by 0.7% for houses and 0.1% for units. Asking prices for houses in Melbourne, Brisbane, Perth and Adelaide rose by 1.8%, 4.4%, 1.5% and 1.3%, while units rose by 0.6%, 1.8%, 0.9% and 0.5%. Canberra asking prices for houses rose by 1.7%, yet fell by 1.7% for units. Darwin and Hobart asking prices for houses rose by 2.7% and 0.4% and rose for units by 2.4% and 0.5%.

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