Sydney New Listings dive on lockdown by lockdown

National residential property listings rose in July 2021 by 1.1% to 238,834 from 236,218 in June 2021.

The largest monthly falls in property listings in July were in Sydney and Adelaide, as the latest lockdowns in these cities disrupted the market.

Melbourne has recorded a rise in listings of 3.9% over the month, as a result of a late surge in new listings.

Over the year, property listings are trending downwards nationwide, which is putting upward pressure on property prices as demand outstrips supply.

Compared to 12 months ago, national listings fell 23.6%, with the biggest falls in Hobart, Adelaide, Canberra, and Brisbane.

Key Points

• National residential property listings rose in July 2021 by 1.1% to 238,834 from 236,218 in June. Compared to 12 months ago, listings dropped 6%.
• Nationally, new listings (Less than 30 days) fell 1.2% over July, with 71,518 new properties added onto the market. New listings are up 5.4% over the year. Old listings dropped 6.2% in July and were down by 49.8% over the
• Sydney new listings fell by 19.7% due to the

Total Listings

Nationally, new listings (Less than 30 days) fell 1.2% over July 2021 to 71,518 properties on the market, though they rose 5.4% over the year.

New listings dropped the most in Darwin followed by Sydney, down by 41.4% and 19.7%, respectively.

Over the year, new listings rose the most in Hobart, by 27.6% 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 6% in July 2021 and they are down 49.8% over the year, with falls posted recorded in all capital cities, led by Canberra.

Total listings over July 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.

Melbourne’s market appears to be more active than this time last year, despite the most recent lockdown and mixed auction clearance rates.

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

That said, recently announced Government support packages will likely assist the housing market into the spring of 2021.

Over the past 30 days to 3rd August 2021, Sydney asking prices fell by 0.7% for houses and 0.2% for units.

Asking prices for houses in Melbourne, Brisbane and Perth rose by 1.1%, 1.6%, and 0.6%, though there was no change in unit asking prices.

Adelaide asking prices for houses fell by 0.3%, while units rose by 1.6%. Canberra, Darwin, and Hobart asking prices for houses rose by 1.2%, 0.9%, and 0.6%, while asking prices for units rose by 0.9%, 0.7%, and 3.2%

from Property UpdateProperty Update https://propertyupdate.com.au/sydney-new-listings-dive-on-lockdown-by-lockdown/