Soft landing predicted as more properties hit market

Soft landing predicted as more properties hit market

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Listings have risen in almost every part of Australia, suggesting property price growth may be set to decline.

SQM Research reported 348,903 listings in Australia for July – up 3.8 per cent on the month and 4.2 per cent on the year.

Sydney and Melbourne experienced the greatest month-on-month growth, while Darwin and Perth experienced the greatest annual growth.

SQM managing director Louis Christopher said a rise in listings is unusual for this time of year since the market generally slows during winter.

“I believe the results do represent an indication that the measures undertaken by APRA in slowing investor demand are now having an impact on the market,” he said.

“At this stage, it is too early to call the magnitude of the impact; however, it is likely that the measures – which SQM still regards as moderate – will slow the rate of dwelling price inflation recorded, rather than create a price correction.”

SQM reported 22,478 listings for Sydney in July – up 18.5 per cent on the previous month and 6.1 per cent on the previous year.

Melbourne had 37,179 listings, which marked a 7.8 per cent monthly increase but a 10.3 per cent annual decrease.

Canberra listings reached 3,269 after growing 4.8 per cent over the month and 4.1 per cent over the year.

Brisbane had 27,810 listings, which represented 4.6 per cent monthly growth and 8.6 per cent annual growth.

Darwin listings grew to 2,132 following a 3.3 per cent monthly increase and 34.8 per cent annual increase.

The Perth market had 24,757 listings in July – up 3.0 per cent over the month and 23.5 per cent over the year.

Adelaide listings reached 16,099 after 2.4 per cent monthly growth and 10.3 per cent annual growth.

Finally, Hobart listings fell to 3,769 following a 0.5 per cent monthly decline and 7.2 per cent annual decline.

[Related: Australia suffering ‘largest housing bubble on record’]

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