Key points
- National residential property listings rose in September by 5.8% to 242,159 from 228,945 in August.
- Nationally, new listings (Less than 30 days) rose 3.8% over September, with 73,461 new properties added onto the market.
- Listings greater than 180 days old rose by 9.2% to over 55,272 dwellings.
- National combined dwelling asking prices rose 0.1% over the month.
- Distressed property listings fell by 1.3% over the month of September.
Figures released yesterday by SQM Research reveal national residential property listings rose in September by 5.8% to 242,159 properties, from 228,945 recorded in August. The largest monthly increases in property listings were in Hobart, Canberra and Brisbane of 17.4%, 12.7% and 7.3%. However, Hobart, Canberra and Sydney property listings rose by 71.1%, 41.2% and 36.2% for the year. The overall increases were due to the overall increase in old listings.
Nationally, new listings (Less than 30 days) rose 3.8% over September 2022 to 73,461 properties on the market. Hobart and Canberra recorded the largest increase in new listings for the month, up by 26.4% and 21%. Over the year, new listings rose the most in Canberra, Hobart and Melbourne by 34.4%, 29.2% and 22%.
Property listings over 180 days rose by 9.2% in September 2022 and fell by 6.8% over the year. However, Hobart and Sydney recorded a significant increase of 49.4% and 26.4% for the past 12 months.
Louis Christopher, Managing Director of SQM Research said: “Older property listings are accumulating as a direct result of the national housing downturn. It is due to the fact there are currently more sellers than buyers in the national housing market. And that downturn continued into September. The downturn still continues to persist, even while we are seeing some stability with weekly auction clearance rates and asking prices.
There was also a pick up in new listings, particularly for the Melbourne, Adelaide, Canberra and Hobart housing markets. Now that was to be expected, given we have entered into the spring selling period. New listing numbers are actually down on the long-term average activity recorded for a typical spring selling season.”
Distressed listings stabilise
As part of yesterday’s release SQM Research notes that as of 4 October 2022, there were 6,299 residential properties nationwide selling under distressed conditions. This was down from 6,384 distressed listings recorded in October 2022. The rise in distressed selling activity was driven by ACT (up 14.3%), QLD (up 2.8%) and SA (up 1.5%).
Asking prices
Over the month to 4 October 2022, national asking prices rose by 0.1% for combined dwellings. Capital city asking prices rose by 0.1% over the month to 4 October 2022 for combined dwellings. The data suggests vendors were reluctant to reduce their asking prices further than initially listed during the month.
