The number of Australian residential property sale listings increased in most capital cities during the month of July 2016, excluding Hobart, where sale listings fell slightly.
National residential property listings rose during the month of July 2016 to 348,266, increasing 0.9% from June 2016.
The year on year results indicate that national sales listings are down 0.4% compared to this time last year (July 2015).
- Total online national residential listings rose during July 2016 from 345,058 to 348,266. This figure represents a monthly increase of 0.9% when compared to June 2016.
- Sydney recorded the largest monthly rise in stock levels, increasing by 3.0% during July 2016 to 25,577 properties.
- Sydney sale listings are now up 13.8 percentage points compared to this time last year (July 2015).
- Hobart recorded the biggest yearly decline, with listings falling by 9.9%, reducing the number of properties for sale to 3,397.
- Melbourne median asking prices have risen 15.5% for houses and 6.0% for units compared to this time last year.
The median asking price for a house in Darwin is $628,800, 6.6% lower than this time last year
Notably, Sydney recorded the largest increase for July with property listings climbing 3.0%.
Brisbane also recorded a 2.3% incline in listings for the month.
Sydney sale listings are now up 13.8 percentage points for the year, which SQM believes indicates a modest to moderate slow down has taken place in the market.
In contrast, Hobart property listings are down 9.9% from this time last year (July 2015).
Median Asking Prices
Year-on-year results reveal Melbourne median asking prices have risen 15.5% for houses and 6.0% for units compared to this time last year.
Brisbane has also experienced yearly changes, with median asking prices for houses climbing 6.2 percentage points.
Meanwhile, median asking prices for houses in both Darwin and Perth continue to fall.
According to SQM Research, the median asking price for a house in Darwin is $628,800; 6.6% lower than this time last year.
Listings and asking prices for the national residential property market still suggest a mixed picture with Melbourne and to a lesser extent Sydney, recording buoyant markets, while other cities recording a weaker market environment.
Going forward, the market is likely to rally further given the rate cut decision.
There is a possibility now that Melbourne dwelling prices could accelerate from an already heated rate of growth.
And if Sydney were to also accelerate I think we could see APRA stepping into the market once again as early as fourth quarter this year.