Listings Fall Over August

National residential property listings fell in August 2021 by 9.6% to 215,911 from 238,834 in July 2021.

This represents the lowest count of listings recorded by SQM Research since it began its series in January 2010.

The largest monthly falls in property listings in August were in Sydney, Melbourne, and Canberra as the lockdowns in these cities disrupted the market.

Over the year, property listings are trending downwards nationwide.

Compared to 12 months ago, national listings fell 26.3%, with the biggest falls in Sydney, Hobart, Adelaide, Canberra, and Brisbane.

Key Points

• National residential property listings fell in August 2021 by 9.6% to 215,911 from 238,834 in July. Compared to 12 months ago, listings dropped 3%.
• Nationally, new listings (Less than 30 days) fell 7.8% over August, with 65,948 new properties added onto the market. New listings are up 8% over the year. Old listings dropped 3% in August and were down by 53.2% over the year.
• Capital city asking house prices rose 1.7% and units 2.9% over the four weeks to 31 August

Total Listings

Nationally, new listings (Less than 30 days) fell 7.8% over August 2021 to 65,948 properties on the market, though they rose 8% over the year.

New listings dropped the most in Melbourne followed by Canberra, down by 31.2% and 21.2%, respectively.

Over the year, new listings rose the most in Darwin, by 50.3% as they seek to take advantage of strong market conditions.

In a sign that older stock is clearing, property listings over 180 days dropped by 10.3% in August 2021 and they are down 53.2% over the year, with monthly falls posted recorded in all capital cities, led by Canberra.

Listing counts over August were predominantly impacted by lockdowns, particularly for Sydney whereby there was a 19.7% decline in new listings.

Older listings also had another monthly fall, indicating strong absorption rates across the country.

Going forward we are cautious for the market given the likely economic damage as a result of these latest city-wide closures.

Asking Prices

Over the past 30 days to 31 August 2021, Sydney asking prices fell by 0.4% for houses, yet rose by 4.2% for units in what was a reversal from a general softening in the local unit market over 2020-21.

Asking prices for houses in Melbourne and Brisbane rose by 0.2% and 2.3% Adelaide asking prices for houses rose by 2.8%, while units fell by 0.9%.

Canberra, Darwin, and Hobart asking prices for houses rose by 1.0%, 2.1%, and 1.4%.

from Property UpdateProperty Update https://propertyupdate.com.au/listings-fall-over-august/