National residential listings rose by 3.2 per cent to 334,594 in November as home owners look to take profits ahead of the summer break, new research has found.
Recent figures released by SQM Research show that stock levels have jumped across all of Sydney, Melbourne, Canberra and Adelaide.
The figures reveal that listings jumped by 5.6 per cent in Sydney, 4.9 per cent in Melbourne and 8.5 per cent in Canberra.
Compared to a year earlier, listings are up by 20.1 per cent in Sydney, reflecting a large increase in properties available for sale, though in Melbourne stock levels are down by 10.3 per cent from a year earlier.
In Adelaide, listings rose by 5.9 per cent; in Brisbane by 3.3 per cent; and in Perth by 3.4 per cent.
In Hobart, listings were up by 3.1 per cent over November, but are still down by 28 per cent from a year earlier, reflecting a sharp shortage of properties available for sale in that city.
Managing director of SQM Research Louis Christopher said that he is not surprised by the findings.
“November listings usually jump ahead of the market slowing during the Christmas and New Year’s break, so the results are expected,” the managing director said.
“That said, the year-on-year increase in Sydney is significant. Sydney now has the highest level of listings since October 2012.
“While there is a slowdown in Sydney, and to a lesser extent in Melbourne, we are still of the belief this is just a temporary stay, with a likely acceleration in market conditions next year based on an expansion in lending once again by the banks and still low levels of interest rates.”
Capital city asking prices rose by 0.5 per cent for houses and 0.2 per cent for units for the month to 5 December.
The largest monthly rise came from Canberra, where house asking prices rose by 5.9 per cent. In Melbourne, asking prices for units rose by 1.4 per cent.
Year-on-year asking house price gains were strongest in Melbourne, with prices rising by 22.2 per cent.
Hobart recorded the strongest asking price gains for units, which were up by 19.7 per cent over the year.
Prices are falling only in Darwin and Perth as the mining downturn continues to impact the property markets there.