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Property listings around the country were mostly down in October while asking prices mostly saw an increase, data released by SQM Research has revealed.
Property listings
Overall, stock fell in October by 1.4 per cent to 324,228. The capital city experiencing the largest drop was Melbourne, falling by 3 per cent to 31,518.
Following was Darwin by 2.6 per cent to 2,162, Hobart by 1.8 per cent to 2,337, Brisbane by 1.4 per cent to 30,719 and Perth by 1 per cent to 25,306.
Meanwhile, Canberra saw the largest rise of 5.3 per cent to 3,752, Sydney of 2.8 per cent to 31,296 and Adelaide of 2.6 per cent to 16,331.
According to Louis Christopher, managing director of SQM Research, seeing a decline of listings in October was typical.
“The initial September spring surge in listings has run its course,” the managing director said. “A second surge in November usually occurs prior to the market closing for the year, and so, we expect listings to rise again next month.
“Overall, the numbers are slightly positive. There is no evidence of any major correction in any city. However, the large year-on-year rises in Sydney are demonstrating a downturn.”
Asking prices
On average, all houses and units Australia-wide saw a rise in asking prices in October, rising by 0.7 per cent and 0.2 per cent, respectively. Considering all of the capital cities, there was a 1 per cent rise in houses while units remained flat.
Asking prices for October rose for all houses and fell for all units in Sydney (from 0.3 per cent to 0.2 per cent), Brisbane (from 0.8 per cent to 0.3 per cent), Adelaide (from 0.4 per cent to 0.2 per cent), Canberra (from 1.6 per cent to 0.2 per cent) and Darwin (from 0.4 per cent to 0.1 per cent).
In the other capital cities, rises for both houses and units were recorded. In Melbourne, houses rose by 1.7 per cent and units rose by 1.3 per cent; Perth saw houses rise by 1.2 per cent and units by 0.4 per cent; and Hobart saw houses rise by 1.4 per cent and units by a large 10.2 per cent.
Melbourne saw rises for both segments at 1.7 per cent and 1.3 per cent, respectively.
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