Sydney residential sale listings returning to normal long term averages: SQM
The level of residential listings nationwide fell in most capital cities across June except Brisbane and Perth, according to SQM Research.
Listings in Brisbane and Perth rose month on month and national sales listings are up 2.5 percent compared to June 2015.
Canberra recorded the largest decline for June with property listings falling 5.6 percent, according to SQM Research managing director Louis Christopher.
He said total online national residential listings fell during June 2016 from 350,333 to 345,058, decreasing 1.5 percent from May 2016.
“This is a fairly normal result for winter where, historically, property listings fall during the colder months," he said.
"The one abnormality is Sydney, where we’re recording a massive year on year rise of 30 percent.
"If anything that just shows how frenzied the Sydney market was this time last year. However, Sydney is not oversupplied with listings right now. Rather, it is returning to more normal long term averages.
"Year-on-year results reveal Melbourne median asking prices have risen 15.6 percent for houses and 6.4 percent for units compared to this time last year.
"Brisbane has also experienced yearly changes, with median asking prices for houses climbing 5.8 percent, compared to just 0.8 percent for units.
Meanwhile, median asking prices continue to fall in both Darwin and Perth."
