Property Listings record abnormal decrease

National residential property listings decreased in September by 4.0%, from 325,693 in August 2019 to 312,754.  

Compared to 12 months ago, listings were down by 6.9%.

All states experienced a decrease in property sales listings over the month, with Hobart experiencing the highest decrease at 6.4% followed by Melbourne and Perth both with a 5.8% decrease. Sydney was not far behind with a 5.7% decrease.

The lowest decrease was Canberra of 1.1% over the month.

Year-on-year Sydney’s listings declined by a significant 20.4%.

Perth and Darwin both recorded a 9.0% yearly decrease.

Melbourne, Brisbane and Adelaide declined by smaller margins.

Perth and Darwin’s year-on-year listings also saw declines of 4.6% and 3.6% respectively.

Canberra and Hobart’s year-on-year listing increased by 3.1% and 8.4%, respectively.

Key Points

• National residential property listings decreased in September by 0%, from 325,693 in August 2019 to 312,754. Compared to 12 months ago, listings were down by 6.9%.
  
• All states experienced a decrease in property sales listings over the month, with Hobart experiencing the highest decrease at 4% followed by Melbourne and Perth both with a 5.8% decrease. Sydney was not far behind with a 5.7% decrease. The lowest decrease was Canberra of 1.1% over the month.
• Capital City asking prices increased marginally by 5% for houses and 1.4% for units, over the month to 1 October 2019. Unit asking prices are now $568,300 and houses $942,400.
• Compared to a year ago, the capital city asking prices posted declines of 1% for houses and declines of 0.7% for units.

Stock on Market Table:

City	September 2018 Total	August 2019 Total	September 2019 Total	Monthly change %	Yearly change %
Sydney	36,128	30,512	28,773	-5.7%	-20.4%
Melbourne	37,000	36,962	34,824	-5.8%	-5.9%
Brisbane	31,998	32,059	30,518	-4.8%	-4.6%
Perth	26,071	25,180	23,731	-5.8%	-9.0%
Adelaide	16,890	16,372	15,825	-3.3%	-6.3%
Canberra	4,012	4,399	4,350	-1.1%	8.4%
Darwin	2,163	2,033	1,969	-3.1%	-9.0%
Hobart	2,058	2,268	2,122	-6.4%	3.1%
National	335,854	325,693	312,754	-4.0%	-6.9%

 

Days on Market Tables:

September 2019
City	< 30 days	30-60 days	60-90 days	90-180 days	> 180 days	Total Listings
Sydney	12,089	3,434	1,786	3,634	7,830	28,773
Melbourne	13,718	4,216	2,350	4,874	9,666	34,824
Brisbane	7,692	5,208	3,349	5,696	8,573	30,518
Perth	5,209	2,874	2,091	4,632	8,925	23,731
Adelaide	4,623	2,183	1,410	2,863	4,746	15,825
Canberra	1,524	512	288	803	1,223	4,350
Darwin	140	123	130	322	1,254	1,969
Hobart	592	260	164	359	747	2,122
National	70,129	32,639	21,842	49,175	138,969	312,754

 

August 2019
City	< 30 days	30-60 days	60-90 days	90-180 days	> 180 days	Total Listings
Sydney	11,637	3,080	2,413	5,005	8,377	30,512
Melbourne	13,485	4,170	2,964	5,984	10,359	36,962
Brisbane	7,703	4,870	3,832	6,737	8,917	32,059
Perth	5,146	2,749	2,483	5,491	9,311	25,180
Adelaide	3,994	2,385	1,638	3,424	4,931	16,372
Canberra	1,313	505	357	986	1,238	4,399
Darwin	164	144	148	310	1,267	2,033
Hobart	548	281	223	386	830	2,268
National	65,803	31,682	25,398	57,530	145,280	325,693

 

September 2018
City	< 30 days	30-60 days	60-90 days	90-180 days	> 180 days	Total Listings
Sydney	13,609	6,455	3,529	6,227	6,308	36,128
Melbourne	14,842	6,544	3,731	5,746	6,137	37,000
Brisbane	8,923	5,616	3,897	6,077	7,485	31,998
Perth	5,823	3,503	2,583	5,680	8,482	26,071
Adelaide	5,087	2,372	1,668	3,291	4,472	16,890
Canberra	1,643	577	403	535	854	4,012
Darwin	242	168	132	364	1,257	2,163
Hobart	697	260	143	254	704	2,058
National	79,053	40,423	27,303	55,724	133,351	335,854

September’s decline in listings was an abnormal result.

Listings normally rise for the first month of the spring selling season.

New listings did rise.

It just that older listings recorded a large decline.

It suggests stock is being absorbed at a quicker rate.

Turning to Sydney, the evidence, by way of the fall in listings, the rise in auction clearance rates and the accelerated rise in asking prices, all suggest that the city has indeed entered into a new housing boom.

Melbourne is not that far behind the mark as well.

I think we can expect to record rapid rises in dwelling prices for our two largest cities at least in the December quarter and likely beyond.

Asking Prices

Capital City asking prices increased marginally by 1.5% for houses and 1.4% for units, over the month to 1 October 2019.

Unit asking prices are now $568,300 and houses $942,400.

Compared to a year ago, the capital city asking prices posted declines of 0.1% for houses and declines of 0.7% for units.

Over the month, Sydney, Melbourne, Brisbane and Hobart all recorded increases in both houses and units, with Melbourne showing the strongest growth of 2.1% in the housing market and Hobart recording a 3.8% growth in the unit market.

Perth’s house and unit market has declined marginally by 0.5% and 0.1% respectively.

As did Darwin’s asking prices, declining 0.9% for houses and 0.8% for units.

Sydney’s median house asking price has increased by 1.9% for houses and 0.8% for units.

Median price for houses is now $1.305m in Sydney, not far behind its peak in Jan 2018 of $1.39m.

Melbourne current median house price is $959.6k for houses, inching closer to its $1.008m high in April 2018.

Brisbane’s median house price has hit its peak of $627.1k since 2009.

SQM Research Weekly Asking Prices Index Week ending: 01 October 2019 Asking Price Change on previous week Rolling month % change 12 month % change Sydney All Houses 1,305.1 5.1 1.9% -0.6% All Units 698.1 2.4 0.8% -1.4% Melbourne All Houses 959.6 4.3 2.1% -0.9% All Units 547.9 1.2 1.4% -0.2% Brisbane All Houses 627.1 1.2 1.2% 2.2% All Units 371.2 0.4 0.3% -2.6% Perth All Houses 649.8 0.0 -0.5% -1.7% All Units 378.6 -0.1 -0.1% -2.5% Adelaide All Houses 516.8 1.3 0.7% 2.1% All Units 297.3 -0.6 -0.4% -1.4% Canberra All Houses 809.7 -4.2 -1.2% -1.1% All Units 440.3 2.6 2.1% 4.5% Darwin All Houses 588.2 0.4 -0.9% 0.9% All Units 349.5 -0.0 -0.8% -5.7% Hobart All Houses 521.8 0.3 0.9% 5.9% All Units 330.9 4.7 3.8% 8.3% National All Houses 578.2 5.7 0.2% 0.9% All Units 381.8 1.7 -1.6% 3.0% Cap City Average All Houses 942.4 5.7 1.5% -0.1% All Units 568.3 1.4 1.4% -0.7%

Source: www.sqmresearch.com.au

from Property UpdateProperty Update https://propertyupdate.com.au/property-listings-record-abnormal-decrease/