Property listings record abnormal decrease over September: SQM

National residential property listings decreased by four per cent in September, according to SQM Research.

They dropped from 325,693 to 312,754 over the month, a surprise given listings generally pick up over spring.

Compared to 12 months ago, listings were down nearly seven per cent.

Louis Christopher, Managing Director of SQM Research said September’s decline in listings was an abnormal result.

"Listings normally rise for the first month of the spring selling season," Christopher noted.

"New listings did rise. It's just that older listings recorded a large decline. It suggests stock is being absorbed at a quicker rate.

Source: SQM Research

"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.”  

The lack of listings was felt the most in Hobart, a decrease of 6.4 per cent over September.

Melbourne and Perth both saw listings dwindle by 5.8 per cent over the month, with New South Wales at a 5.7 per cent decrease.

The lowest decrease was Canberra. Their listings declined 1.1 per cent.

Sydney's listings declined the most year on year, down 20 per cent. Perth and Darwin recorded a nine per cent yearly decrease.