The number of Australian residential property listings rose during May, with national stock on market coming to a total of 366,413 – a monthly increase of 5.2%.
However, this predominantly due to the five Fridays in May as opposed to the usual four, meaning an extra week to gather listings making for a larger sample. Friday is a critical day for real estate listings as it is a day when many new listings for the weekend emerge.
- Total online residential listings increase during the month of May, recording a rise of 5.9% and coming to a total of 366,413.
- This figure represents a decrease of -1.8% when compared to the corresponding period of the previous year (May 2013).
- Sydney recorded the highest monthly rise in listings of all capital cities, increasing by 12.9% during May 2014 and coming to a total of 25,699.
- No capital city recorded a monthly decrease in stock levels, however Hobart recorded the most modest monthly increase, rising by 1.7% and coming to a total of 4,499.
- Darwin was the capital city to record the highest yearly increase in stock levels, climbing 21.7% since the corresponding period of the previous year (May 2013) and coming to a total of 1,543.
- Canberra has recorded the most substantial yearly decrease in stock levels, falling by -11.4% since the corresponding period of the previous year (May 2013) and coming to a total of 3,542.
Taking this into account and closely observing the year on year result, SQM Research is of the opinion that these figures reveal stagnation in stock levels, and that the frenzy in the market that was in play during the corresponding period in 2013 is dissipating. [sam id=43 codes=’true’]
With a 21.7% yearly increase, the only capital city to experience a radical rise in listings since May 2013 is Darwin, where stock level increases have been an ongoing trend for some time now.
Conversely, Canberra is experiencing the most substantial decrease in stock listings since this time last year, with a -11.4% decrease, which is a surprise given the ongoing expected downturn.
In conjunction with this, SQM Research’s Asking Prices Index revealed that House and Unit prices have continued to more or less stand still on a capital city average level month-on-month – recording a mere 0.7% increase for houses and 0.5% increase for units.
As these results are a continuation of what occurred in the month preceding (April 2013) SQM Research can now safely begin to assume that the market may well be entering into a potential lull.
To see the Asking Prices Capital City breakdown, click here