Total property listings rose in July

From

Key points

  • National residential property listings rose in July by 7.1% to 237,336 from 221,572 in June.
  • Nationally, new listings (Less than 30 days) rose 1.8% over July, with 72,169 new properties added onto the market.
  • Listings between 30 to 180 days old rose by 14.2% to over 114,000 dwellings.
  • National combined dwelling asking prices fell 0.1% over the month, however capital city asking prices fell 0.7% over the same period.
  • Distressed property listings rose by 4% over the month of July.

Figures released by SQM Research reveal national residential property listings rose in July 2022 by 7.1% to 237,336 properties, from 221,571 recorded in June. The largest monthly rises in property listings were in Brisbane, Adelaide and Canberra of 11.1%, 9.9% and 9.6%. Hobart listings also rose by 9.0% and are up by over 40% for the year.

Nationally, new listings (Less than 30 days) rose 1.8% over July 2022 to 72,169 properties on the market. Darwin and Hobart recorded the largest falls in new listings for the month, down by 37.7% and 10.4%.

Property listings over 180 days rose by 0.6% in July 2022. Hobart recorded a significant increase of 16.8%. However, Melbourne and Brisbane recorded a decrease of 4.5% and 2.9%. However most notably, listings between 31 days and 180 days rose by 14.1%, indicating a surge in unsuccessful sales campaigns for the month and year to date. SQM Research now anticipates a rapid rise in total listings for the remainder of 2022.

Louis Christopher, Managing Director of SQM Research said: “Vendors were largely unsuccessful in their selling efforts over July. There is now a clear trend across all cities of rising listings which is being driven by lower buyer interest and is ultimately symptomatic of the national housing downturn.

I think the spring selling season is going to be a very tough one for property sellers and their respective agents. While asking prices have been adjusting downwards since February, there will need to be further compromise if property vendors do want to sell this spring.

Properties selling under distressed conditions rose again over July and we expect further rises in the coming months. However, it should be noted that the rises in distressed activity is from an extraordinary low base. Just prior to Covid, there were some 15,000 properties selling under distressed conditions.

Distressed listings on the rise

As part of yesterday’s release SQM Research notes that as of 26 July 2022, there were 6,257 residential properties nationwide selling under distressed conditions. This was up from 6,014 distressed listings recorded on 28 June 2022. The rise in distressed selling activity was driven by Queensland (up 6.4%) and NSW (up 5.8%)

Asking Prices Over the month to 2 August 2022, national asking prices fell by 0.1% for combined dwellings. Capital city asking house prices fell 0.8% over the month to 2 August 2022, while unit prices fell 0.3%. Sydney is recording the largest falls to date with a 1.3% decline in asking prices. While Darwin recorded the largest rise in asking prices of 3.7%.

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