SQM sees overhang in Sydney's 2016 listings

SQM sees overhang in Sydney's 2016 listings
SQM sees overhang in Sydney's 2016 listings

The number of residential property listings dropped 0.2% in January across Australia, driven by a large fall in Sydney. 

The number of listed properties fell to 342,899 in January 2016, decreasing 0.2% from December 2015.

Residential property listings were up in every capital city except Sydney and Melbourne over January, according to figures from SQM Research.

Sydney had the largest fall in available properties with listings down 5.2%.

Melbourne listings were down 2.6% over the month. 

Brisbane had the largest month-on-month increase in residential property listings, up 3% over January, followed by Perth up 2.5% and Canberra up 1.6%.

However, year-on-year results indicate that residential property listings are up for most capital cities.

Property listings in Sydney and Canberra are higher than this time last year with Sydney experiencing a yearly rise of 13.7% and Canberra recording a rise of 11.2%.

Year-on-year, Melbourne and Hobart were the only two capital cities to record a drop in properties available for sale. Melbourne listing dropped 8.9% while Hobart listings dropped 7.7%.

SQM Research managing director Louis Christopher says the figures are further proof that the Sydney market is beginning to cool.

“As we enter into the new property season it’s clear that our latest indicators are suggesting a continued mixed market across the nation.

“On the one hand there is an overhang of stock on the market in Sydney, which is a symptom of the slowdown in the market there that started the second half of last year.

"While on the other hand Melbourne does not appear to have any overhang, and so will be entering the new season less stock on the market than what has been the average for the past five years."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Sydney Residential Listings

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