Melbourne, Hobart residential asking price increases lead nation: SQM Research
Increases in Melbourne and Hobart residential asking prices led the nation over the year to November however Sydney property prices are still highest, according to SQM Research.
Louis Christopher, managing director of SQM said Melbourne now leads the nation for growth in asking prices for houses, with a jump of 13.4 percent to $805,000 and 5.2 percent for units to $459,800 over the year to November.
"Sydney median asking house prices have risen 4.7 percent to $1,193,400 over the year," he said.
"Over the month, median asking prices jumped 3.7 perccent in Canberra to $660,600, though unit prices are edging lower.
"Prices in Darwin and Perth are still falling, with the median asking price for a house in Perth at $682,600, 5.2 percent lower than this time last year, and $616,700 in Darwin, down 6.0 percent."
The amount of residential listings rose 2.2 percent over the month to 347,362 new listings, down 4.2 percent from a year earlier.
"Sydney property listings rose 2.9 percent in November, though they are 3.8 percent lower than a year ago.
"In Melbourne, listings increased 3.0 percent over the month to a healthy 36,868, while in Hobart they jumped 7.0 percent, as some home owners try take profits on strong price gains.
“Notably, asking prices for Brisbane units have edged lower over the year and downward pressure could remain on asking prices with emerging signs of oversupply in the city.
"That weakness could extend to Sydney and Melbourne with some oversupply also predicted in 2017 and 2018 there due to high levels of unit construction, particularly in inner-city areas."