Fewer property listings putting upward pressure on prices: SQM Research
Property listings are trending downwards nationwide, which is putting upward pressure on property prices, according to the latest update from SQM Research.
The largest monthly falls in property listing in June were in Canberra, Hobart, Melbourne and Adelaide.
National residential property listings dropped in June by 4.0% to 236,218.
There were 245,953 listings in May with old stock being cleared as the number of buyers outstrips sellers.
"It has been pushing Up Property prices around the nation," Louis Christopher noted.
"Property listings are trending downwards nationwide, which is putting upward pressure on property prices as demand outstrips supply," he said.
“As demand outstrips supply, we are seeing strong rises in asking property prices, in capital cities and the regions, which is likely to continue through 2021.
"Households are awash with cash, the jobless rate is falling so, we’d expect house price growth to remain strong with interest rates so low.
“However we note the current pace of the housing market is not sustainable over the long term."
As winter and lockdowns hit, new listings (Less than 30 days) fell 9.1% over June 2021 to 72,415 properties on the market.
New listings were up though 26.2% over the year, given this time last year had heightened pandemic impacts.
New listings dropped the most in Melbourne by 21.7% followed by Canberra, down by 10.1%.
In a sign that older stock is clearing, property listings over 180 days dropped by 6.1% in June 2021 and they are down 46.9% over the year, with falls posted recorded in all capital cities, led by Canberra.
Over the month to 29 June 2021, national asking prices rose by 0.7% for houses and 1.3% for units.
Over the year, national asking house prices jumped 14.1%.
Asking unit prices rose 7.0%, though an oversupply of units in Melbourne saw a slight fall in asking unit prices there.
Capital city asking house prices rose 2.8% over the month to 29 June, while unit asking prices rose 2.2%.