Login
iscover
The latest figures released by SQM Research reveal that national residential listings rose by a modest 1 per cent in September 2018 to 335,854, a little off the number normally registered for the first month of the spring selling season, but some markets are better than they were this time last year.
Property listings rose by 0.3 of a percentage point in Sydney, up by 18.7 per cent from a year ago.
In Melbourne, listings fell by 1.8 per cent in September, though they are 13.8 per cent higher than a year earlier.
Stock levels rose modestly in Canberra, by 0.4 of a percentage point, while in Hobart they edged higher by 0.5 of a percentage point for the month, but remain down by 15 per cent from a year ago, reflecting a continuing shortage of properties available for sale there.
Listings rose by 1.2 per cent in Brisbane month-on-month, and by 3.7 per cent in Adelaide. In Perth, stock on market fell by 1.3 per cent in September, while Darwin’s listings increased by 2.6 per cent.
SQM managing director Louis Christopher said that a greater rise is normally registered for September.
“It may be that the correction in property prices has dissuaded people from listing their properties for sale in Australia’s biggest cities.
“As it is, Sydney’s property prices have been overvalued and we are now seeing them fall, with asking house prices down by 2.0 per cent over the month to 2 October.”
Prices
Capital city average asking prices rose by just 0.1 of a percentage point for houses to $943,400, while unit asking prices fell by 0.2 of a percentage point to $572,300 over the month to 2 October.
Asking house prices in Sydney fell by 0.7 of a percentage point to $1.31 million, down by 2.0 per cent from a year earlier. Unit prices fell too by 1.1 per cent in Sydney to $708,200, as the property market corrects from its previous highs.
Melbourne asking house prices fell to $968,400, though unit prices were up by 0.7 of a percentage point to $549,200.
In contrast, Canberra’s asking house prices jumped by 2.4 per cent over the month, up by 11.5 per cent from a year ago, the greatest growth of any capital.
Newsletter
