Modest rise in national listings suggest ongoing strength: SQM Research
National residential listings increased marginally by 0.5% to 324,041 over the month of May 2017, results released by SQM Research reveal.
The data reveals Sydney, Brisbane and Darwin posted the highest monthly increase in listings, up 5.9%, 3.2% and 3.0%, respectively.
However, property listings fell in Hobart and Melbourne over the month. In Hobart, listings dropped 5.7% and Melbourne 1.2%.
Over the year, listings were down in all capital cities except Canberra and Sydney which increased 2.7% and 2.0% respectively.
There were steep drops of 18.9% in Hobart and 19.5% in Melbourne over the year which reflects very robust market conditions in these two cities.
Louis Christopher, SQM Research's managing director, said the listings data suggests the national market was still relatively strong.
"Normally, May listings increase over April due to the multiple holiday periods in that month," he said.
"So a 0.5% list for May is actually quite modest.
"The Sydney rise of 5.9% is a little on the weaker side and I also note the monthly decline in asking prices of 1% for that city.
"While it is still too early to call a slowdown in Sydney at this stage, we are watching this market closely as there has been increasing evidence of a possible slowdown.
"Meanwhile the listings activity and asking prices out of Melbourne suggest there were very robust market conditions throughout May.
"To record a 1.2% decline in listings plus a near 6% surge in asking prices for houses is about as strong as it gets."
The table below indicates that over the month ending 6 June, asking house and unit prices recorded marginal decreases in Sydney, Darwin, Brisbane and Adelaide.
Hobart and Melbourne posted gains.
Nationally, asking house prices showed no growth and unit prices recorded a decrease of 0.4%
