National listings rise in August but asking prices fall: SQM Research

National listings rise in August but asking prices fall: SQM Research
National listings rise in August but asking prices fall: SQM Research

National residential listings rose nearly six percent in August, according to SQM Research, however asking house prices fell 1.9 percent and unit prices fell 0.5 percent.

The highest property listing increase was found in Sydney where listings were up 10.9% in the month, and up over 30% percent from this time last year.

Sydney residential property listings are now at the highest level recorded since February 2009, surpassing the peak in listings recorded during the 2010-12 housing downturn.

In Melbourne, listings jumped 16.3%, to be up 25.3% over the year to August 31.

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National listings rise in August but asking prices fall: SQM Research

Stock on market rose 10.7% in Canberra while even in Hobart, listings rose 4.5%, though they remain sharply down from a year ago, reflecting a shortage of properties available for sale in the Tasmanian capital.

Listings rose 5.2% in Brisbane in August from July and by 4.9% in Adelaide. In Perth, stock on market rose 3.8% in August while Darwin’s listings increased by 2.2%.

SQM Research managing director Louis Christopher said the increase in the supply of properties for sale has emerged in all capitals. However, numbers were inflated by five weekends falling during August, up from four in July.

That made a significant difference to stock levels in August, which were boosted by the fifth weekend," Christopher said.

"In addition, some home owners are readying for a sale and want to list their homes sooner rather than later before prices fall any further, especially in Sydney, where asking house prices are down 2.1% over the month to 4 September.

"That is also true of Melbourne, where the property market has slowed, reflected in a 1.2% drop in asking house prices over the month."

Asking Prices

Capital city average asking prices fell 1.9% for houses to $942,800 while unit asking prices fell 0.5% to $573,600 over the month to September 4.

Melbourne asking house prices fell to $972,000, back below $1 million, while asking house prices in Sydney fell even more, by 2.1% to $1.32 million.

Only in Adelaide did asking house prices rise, up by 0.2% over the month, though prices are down by 1.7% over the year to 4 September.

Asking house prices were down by 0.2% over the month in Hobart. Canberra prices too dipped, down 1.8% over the year to $799,200.

Key Points

  • National residential listings rose 5.9% in August 2018 from July.

  • Listings rose by 10.9% in Sydney, up 30.4% higher from a year ago.

  • Sydney residential property listings are now at the highest level recorded since February 2009, surpassing the peak in listings recorded during the 2010-12 housing downturn.

  • Melbourne listings rose 16.3%, to be up 25.3% higher over the year to August 31.

  • Listings rose in Hobart by 4.5% in August but are down 18.8% from a year earlier.

  • Capital city average asking prices fell 1.9% for houses to $942,800 while unit asking prices fell 0.5% to $573,600 over the month to 4 September.

     

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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