The number of Australian residential property sale listings fell in all capital cities during the month of May 2016, as listings reverse out post abnormally high recordings in April.
Meanwhile vendors were confident enough to lift asking prices between 0.5% to 1.0% during the month.
National residential property listings fell during the month of June 2016 to 350,333, decreasing 4.3% from April 2016.
The year on year results indicate that national sales listings are also slightly down compared to this time last year.
Notably, property listings in Sydney fell by 6.2% during the month, though are still higher by 16.9% compared to this time last year (May 2015).
Hobart recorded a 6.1% decline in listings for the month.
Hobart 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% from this time last year (May 2015).
Overall, declines were recorded in all capital cities during the month of May 2016.
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.
- Total online national residential listings fell during May 2016 from 366,151 to 350,333.
- This figure represents a monthly decrease of 4.3% when compared to April 2016.
- Adelaide recorded the largest monthly fall in stock levels, decreasing by 6.2% during May 2016 to 16,928.
- Hobart recorded the biggest yearly decline, with listings falling by 11.8%, reducing the number of properties for sale to 3,608.
- Sydney recorded the biggest yearly rise, with residential property listings climbing from 21,969 to 25,690.