The number of Australian residential property sale listings abnormally decreased during September, signalling rapid stock level absorption, particularly in Sydney.
Nationally, the number of unsold properties on the market has been recorded at 339,344 for September 2014 – a -2.4% decrease month-on-month and -1.1% decrease year-on-year.
- Total online residential listings decreased during the month of September, recording a drop of -2.4% and coming to a total of 339, 344.
- This figure represents a decrease of -1.1% when compared to the corresponding period of the previous year (September 2013).
- Darwin recorded the only monthly increase in stock levels of all the capital cities, increasing by 0.2% during September 2014 and coming to a total of 1,722.
- Sydney recorded the largest monthly decrease in stock levels, falling by 6.9% and coming to a total of 21,183.
- Darwin was the capital city to record the highest yearly increase in stock levels, climbing 26.4% since the corresponding period of the previous year (September 2013).
- Sydney has recorded the most substantial yearly decrease in stock levels, falling by 10.2% since the corresponding period of the previous year (September 2013).
Sydney is leading the charge, with substantial decreases both on a monthly and yearly basis, which coincides with SQM Research’s predictions that this capital city would be the front-runner in 2014 housing recovery, and continue to be into 2015.
We can see that contrary to the seasonal trend which commonly sees an influx of listings hit the market at the beginning of spring, all capital cities recorded monthly decreases in stock, excepting Darwin which recorded a slight increase at 0.2%.
Darwin has also recorded a staggering increase in stock on market on a yearly basis, with the number of unsold properties on the market rising by 26.4% since September 2013.
SQM Research has recently stated in our latest instalment of Christopher’s Housing Boom and Bust Report that we believe Darwin to be undergoing a correction, and believes that the growing excess in stock levels can be attributed to this.
Alongside this, the nation’s asking prices have perked up over the past month, with asking prices for houses rising by 0.7% and asking prices for units rising by 0.5% during September.
To see the Asking Prices Capital City breakdown, click here.