Total Property Listings continue to rise in March

From

Key points

  • National residential property listings rose in March 2022 by 1.8% to 218,398 from 214,495 in February. Compared to 12 months ago, listings dropped 14.9%.
  • Nationally, new listings (Less than 30 days) jumped 5.7% over March, with 84,237 new properties added onto the market. New listings are up 0.2% over the year. Old listings fell 2% in March and were down by 45.9% over the year.
  • National asking house prices rose 0.8% over March, while unit prices fell 0.7%.

Figures released by SQM Research reveal national residential property listings rose in March 2022 by 1.8% to reach 218,398 properties, up from 214,498 in February.

The largest monthly rises in property listing were in Hobart, Melbourne, and Sydney of 4.9%, 3.5% and 3% over the month of March. However, listings are still lower when compared to 12 months ago, listings are down by 14.9% compared to March 2021, with large declines recorded in Brisbane and Adelaide of 30.2% and 24.2%.

Nationally, new listings (Less than 30 days) jumped 5.7% over March 2022 to 84,237 properties on the market, to be up 0.2% over the year. Melbourne, Sydney, and Brisbane recorded increases in new listings for the month, up by 9.3%, 4.1% and 1.9%. The listings for these capital cities are now running above long-term averages but are yet to reflect this build-up in old listings. Over the year, new listings rose the most in Canberra and Hobart, up by 16.4% and 14.7%. Property listings over 180 days dropped by 2% in March 2022 and they are down 45.9% over the year. Darwin has recorded a build-up in old listings of 9.6%, this potentially indicates a market slowdown for the city.

Louis Christopher, Managing Director of SQM Research said: ’’The rise in listings over March will be welcome to home buyers who largely struggled for choice, last year. However we still have a shortage of stock in the market, particularly for Brisbane and Adelaide. Those two cities continue to record massive housing price rises as a result.

Going forward I expect we will shortly enter into a lack lustre period of activity in the lead up to the Federal Election. After that point there will be a looming interest rate rise for the market to consider.”

Asking prices

Over the month to 5 April 2022, national asking prices rose by 0.6% for houses and jumped 0.3%% for units. Over the year, strong growth in national asking house prices of 21.1% was posted while asking unit prices rose 14% over the year. In Sydney, over the last 30 days, asking prices for houses and units have fallen by 0.4% and 1.1%. ‘ Capital city asking house prices rose 0.8% over the month to 5 April 2022, while unit prices fell 0.7%. Over the year, house asking prices in capital cities rose 21.2% and unit prices rose 5.8% over the year.

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