National residential property listings fell slightly during the month of January.
The number of listed properties fell to 342,899 in January 2016, decreasing 0.2% from December 2015.
Residential property listings rose in most capital cities during the month of January, excluding Sydney and Melbourne which experienced monthly falls.
- Total online national residential listings fell during January 2016 to 342,899.
- This figure represents a monthly fall of 0.2% when compared to December 2015.
- Sydney recorded the largest monthly fall in stock levels, falling by 5.2% during January 2016 to 22,333.
- Melbourne recorded the biggest yearly decline, with listings falling by 8.9%, reducing the number of properties for sale to 33,517.
- Sydney median asking prices have risen considerably over the last twelve months, with median asking prices up 8.5% for houses and 11.7% for units.
Year-on-year results indicate that residential property listings are up for most capital cities.
Notably, property listings in Sydney and Canberra are considerably higher than this time last year (January 2015). Sydney experienced a yearly rise of 13.7%, with residential property listings climbing from 19,647 to 22,333. Canberra also experienced excessive yearly growth with sale listings up 11.2% based on a total 3,581 listings.
These figures indicate that the number of property sellers in both residential markets has increased.
In contrast, year-on-year results indicate that once again Hobart and Melbourne experienced excessive yearly falls.
Melbourne recorded the biggest yearly change, with sale listings falling by 8.9%, reducing the number of properties for sale to 33,517.
Hobart also recorded yearly falls with records indicating a yearly change of 7.7%.
As we enter into the new property season it’s clear that our latest indicators are suggesting a continued mixed market across the nation.
On the one hand there is an overhang of stock on the market in Sydney, which is a symptom of the slowdown in the market there that started the second half of last year.
While on the other hand Melbourne does not appear to have any overhang, and so will be entering the new season less stock on the market than what has been the average for the past five years.
The forecast released back in October 2015, indicating that Melbourne would outperform Sydney this year, seems to be very likely now.
Median Asking Prices
Asking prices for Sydney dwellings have remained tight over the month of December, with houses recording a median asking price of $1,146,800, while the median asking price for units is $645,300, according to SQM Research.
Year-on- year results reveal that Sydney median asking prices have risen 8.5% for houses and 11.7% for units compared to this time last year.