May residential prices up, listings down: SQM

Residential listings fell across the country during May with vendors lifting asking prices 0.5 percent to 1 percent during the month, according to SQM Research.

 

Research from SQM found property listings in Sydney fell by 6.2 percent during the month, but are 16.9 percent higher compared to May 2015.

 

SQM Research managing director Louis Christopher said Hobart recorded a 6.1 percent decline in listings for the month, with sale listings are also now down by 11.8 percentage points for the year, which SQM believes indicates a strengthening housing market in Tasmania. 

 

"Melbourne also recorded yearly falls with listings down 6.4 percent from this time last year (May 2015)," he said.

 

"It’s possible the interest rate cut at the beginning of the month may have already led to an increase in buyer confidence, leading to higher absorption rates for listed properties.

 

"Certainly, it seems that vendors were a little more confident during the month with vendor asking prices rising across most cities. From a forecasting perspective we are pleased that our 2016 forecasts made in October last year, seem to be on target for all cities."

 

"Year-on-year results reveal Melbourne median asking prices have risen 13.4 percent for houses and 6.4 percent for units compared to this time last year. Canberra has also experienced yearly changes with median asking prices for houses climbing 10.4 percent and 0.2 percent for units.