Total residential property listings modestly rose in November led by some larger percentage increases in Canberra and Hobart. However, Sydney surprised by remaining largely steady in what is normally the busiest month in the year for selling activity.
Melbourne recorded a 1.9% increase in total listings for the month of November which represented the largest absolute contribution to the national number. Hobart recorded the largest percentage rise of 5.6% increase in total listings, driven by an 8.9% increase in new listings.
Over the course of a 12-month period, residential property listings across the nation recorded a 2.2% rise. Listings have risen substanitally for the year in Hobart (up 22.1%) and Canberra (24.4%). While Perth has recorded the largest yearly decline, falling by 21.7%.
New listings
Nationally, new listings (less than 30 days) rose by 1.0% in November, adding 80,487 new property listings to the market. Sydney recorded declines of 2.7%. Melbourne also recorded a decline od 2.2%. Hobart recorded the largest increase in new listings for the month, rising by 8.9%.
Old listings
During November, older listings (properties listed for over 180 days) decreased by 0.4%, but it still represents a 10.7% increase over the past 12 months. Notably, all cities experienced a decline in older stock during the month.
Distressed listings
SQM Research’s latest report reveals that as of November 2023, the number of residential properties being sold under distressed conditions in Australia has fallen marginally to 5,467. This reflects a decrease of 1.0% compared to the 5,521 distressed listings recorded in October 2023. Notably, Western Australia and Queensland continue to record substantial declines in distressed selling activity.
Asking prices
In November, the national combined dwelling asking prices remained steady to record a median dwelling asking price $805,712. Asking prices for capital cities also remained steady at $1,116,866. Canberra asking prices for houses recorded the most notable change, rising by 8.3%. This is the second November in a row where house prices have recorded an abnormal surge.
Sydney and Melbourne recorded falls in dwelling asking prices for the month, possibly indicating more sellers are interested in meeting the market in what SQM believes will be weaker markets for 2024.
Louis Christopher, Managing Director of SQM Research said: “The spring selling season has been overall, robust for listings. However, I was a little surprised we did not record a surge in November listing counts, which came in at very similar levels to the month of October.
Going forward, we expect the market to enter its year end hiatus from about the 18th of December. We anticipate a quiet summer holiday period for listings, notwithstanding the normal surges in property activity in our coastal holiday locations.”