Listings fall over November – Sydney and Canberra stock rise again

From

Key points

  • National residential property listings fell in November 2021 by 2.6% to 233,716 from 239,866 in October. Compared to 12 months ago, listings dropped 21.1%.
  • Nationally, new listings (Less than 30 days) rose 2.3% over November, with 96,346 new properties added onto the market. New listings are up 20.4% over the year. Old listings fell 7.3% in November and were down by 51.2% over the year.
  • Capital city asking house prices rose 2.3% and units 0.2% over the four weeks to 7 December 2021.

Figures released yesterday by SQM Research reveal national residential property listings fell in November 2021 by 2.6% to 233,716 from 239,866 in October 2021. Sydney and Canberra are the two cities to have recorded a rise in listings of 3.2% and 3.9% over the month of November. Over the year, property listings are trending downwards nationwide. Compared to 12 months ago, national listings fell 21.1%, with the biggest falls in Brisbane, Adelaide, Canberra and Hobart.

Nationally, new listings (Less than 30 days) rose 2.3% over November 2021 to 96,346 properties on the market, though they rose 20.4% over the year. New listings rose the most in Perth up by 9.6%. Over the year, new listings rose the most in Darwin by 44.2%, followed by Perth and Sydney by 43.1% and 30%. In a sign that older stock is clearing, property listings over 180 days dropped by 7.3% in November 2021 and they are down 51.2% over the year, with monthly falls as old listings were bought up at a quicker rate.

Commentary

Louis Christopher, Managing Director of SQM Research said: “We were expecting fall in listings given the strong October numbers. While there were falls, the count was stronger than expected. Especially for Sydney. Just like this time last year, vendors are keen to sell before Christmas but in greater numbers. Perhaps it is due to the lockups of July to October. It could also be due to more vendors believing we are at the top of the market in our two largest cities. Either way selling activity remains very strong and will remain very strong right up to Christmas. This week a record 6,315 auctions are scheduled. I suspect agents are going to remain busy even through the traditional annual Christmas/New Year holiday hiatus”

Asking prices

Over the past 30 days to 7 December 2021, Sydney and Melbourne asking prices rose by 3.7% and 0.8% for houses and rose by 0.6% and 0.7% for units. Brisbane asking prices rose by 3.7% for houses and fell by 0.1% for units. Perth asking prices for houses fell by 0.3% and rose for units by 0.5%. Adelaide asking prices for houses rose by 3.4%. Canberra and Hobart asking prices for houses rose by 10.7% and 0.3%, while units fell by 0.2% and 0.4%. Darwin asking prices for houses and units fell by 0.1% and 0.2%.

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