Sydney posts second straight monthly stock surge: SQM Research
The level of listed properties nationwide increased 7.3% in October when compared to September with Sydney posting a second straight monthly surge in listings, according to SQM Research.
SQM Research state Sydney residential property listings increased 22.5% during October to 28,827 listings. Managing director Louis Christopher said sale listings for Sydney are up 11.6% from this time last year, indicating that the number of property sellers in the residential market has increased.
"Year-on-year results indicate that Melbourne and to a lesser extent Hobart experienced excessive yearly falls," he said.
"Melbourne recorded the biggest yearly change, with listings falling by 9.6%, reducing the number of properties for sale to 39,909. Hobart also recorded yearly falls with records indicating a yearly change of 8.1%.
"More and more vendors are now struggling to sell in Sydney as buyers become cautious in their bidding compared to earlier this year. I think for now this is set to continue through to Christmas.
"While listings in Sydney surged, asking prices for Sydney dwellings remained unchanged over October, with houses recording a median asking price of $1,143,000, while the median asking price for units is $639,600, according to SQM Research, a rise of just 0.6% for the month."
