Year on year asking price jump for Melbourne, Hobart: SQM Research
Melbourne and Hobart lead the nation in year on year residential asking property price growth for October according to SQM Research with median house prices in Melbourne up 13.3 percent to $792,000 and units 5.4 percent to $458,200.
Year on year median asking prices in Hobart for units are up 21.7 percent and house prices up 9.8 percent.
Louis Christopher, SQM Research managing director, said the number of Australian residential property sale listings fell in most capital cities during the month of October 2016, led by declines in Melbourne, with only Canberra and Perth reporting rises.
"The number of national residential property listings fell 2.1 percent in October to 339,922 new listings, to be down 6.5 percent from a year earlier," he said.
"While Sydney median asking house prices are up to $1,165,100, vendors for now appear to have been willing sellers at these levels and have not pushed harder.
"Prices in Darwin and Perth are still falling, with the median asking price for a house in Perth at $682,800, 5.2 percent lower than this time last year, and $620,900 in Darwin, down 6.6 percent from a year earlier.
"Sydney property listings fell 1.4 percent in October, to be down 7.3 percent from one year ago, reflecting a lack of supply which is keeping upward pressure on property prices.
"In Melbourne, listings are down 10.4 percent from a year ago, while they are down 18.2 percent in Hobart, again pressuring housing prices higher.
“The shortage of properties for sale in Melbourne and Hobart is creating upward pressure on property asking prices, while growth in asking prices has cooled slightly in Sydney. Quite frankly to see listings fall during what is normally a month that records seasonal surges, is a concern to me."