The number of Australian residential property sale listings steadied during November, which is abnormal for this time of year, says an independent property research house.
However, SQM Research said taking into account the surge in listings during October and the slow start to the selling season in September, this could be a sign that stock is being absorbed at a faster rate than in previous months.
“Nationally, the number of unsold properties on the market has been recorded at 363,853 for November 2014 – with no change month-on-month and a -1.4 per cent decrease year-on-year,” they said.
SQM recorded minor changes in all capital cities over November, except Perth and Darwin.
“Perth revealed the highest monthly change – 2.6 per cent up in stock levels during November,” they said.
“Comparing results year-on-year, Darwin’s figures continue to be quite alarming, recording a 25.9 per cent increase since the corresponding period in 2013. SQM Research also attributes this to the slump in Australia’s commodities boom.”
Sydney has taken a dive in the opposite direction on a yearly basis, dropping by -8.1 per cent since November 2013 – indicating an ongoing strong sales market.
Alongside this, the current asking price of houses in Sydney remained over $1 million throughout the month, with a median asking price of $1,003,200 as of this week.
SQM managing director Louis Christopher said overall, the east coast market remains strong.
“We do not believe that market is slowing down at this stage,” Mr Christopher said. “This most recent data suggest that while there was a surge in listings in October, quite a lot of that stock was absorbed and sold.
“In the resources-exposed towns, such as Perth and Darwin, we think the downturn continues.”