Property listings decrease in all capitals but Hobart in August, but stock still up for the year
Hobart was the only capital city to notch up an increase in online property listings during August, jumping by 2.2% to a total of 3,536.
The total national online residential listings decreased by 3.8% during August to a 362,793 total.
But despite the monthly declines in the seven other capital cities, SQM Research says stock on market sits 23% higher year-on-year – an increase of 69,229 properties since August 2010.
Perth recorded the largest monthly decline, with listings down by 7.1% or 1,546 during August to a 20,207 total.
Melbourne had the largest year-on-year increase in stock.
With 44,522 listings, Melbourne’s listings are up 56.8% or 16,127 over the year.
SQM managing director Louis Christopher noted no capital cities experienced a yearly decline in stock, however Perth recorded the most modest year-on-year growth at 17.8%.
Sydney’s increase of 18.8% or 4,837 listings since August 2010 puts its total listings at 30,606.
“The results for August have been surprising,” Christopher says.
“We were expecting a rise in listings and instead we have had a noticeable fall.
“This still could be a seasonal effect and it also could be vendors withdrawing their properties on the hope of relisting during better market conditions. Nevertheless, our base case here is that listings will rise during the spring selling season.
“If that were to not materialise or only rise marginally, this would be one signal to us that the peak in supply would be reached,” he says.
Photo courtesy of Tourism Tasmania
