SQM Research reveals residential asking property prices grew in most Australian cities over the year to February 7, 2017, with Sydney and Melbourne leading the nation in a strong start to the year.
Sydney has just edged out Mebourne and Hobart to lead the nation for growth in asking prices for houses, with a jump of 11.5% to $1,249,900 and 8.5% for units to $698,300 over the year to February 7.
Median asking prices for houses jumped 11.4% in Melbourne to $803,200, and unit prices rose 6.7% to $475,700.
- Total online national residential listings rose fell to 323,904 in January 2017, decreasing 3.0% from December 2016, to be down 5.5% over the year.
- Melbourne recorded the largest monthly fall in stock levels, down 12.3% to 28,249, to be down 15.7% from a year earlier.
- Sydney recorded a monthly fall in stock levels of 6.6%, to be down 3.1% over the year.
- Listing only rose in Darwin over Janaury 2017 by 1.5% to 2037, to be up 4.1% over the year.
- Canberra has posted the biggest fall in listings over the year, to be down 16.1%.
While Brisbane asking prices are up modestly over the year, Adelaide asking prices are showing more robust growth after stagnating for some time.
Canberra is posting modest growth while asking prices are still falling in Darwin and Perth, where demand for property is still soft given the slowdown in mining activity.
Meanwhile, national residential property listings fell during the month of January, 2017.
The number of listed properties fell to 323,904 in January 2017, decreasing 3.0% from December 2016, and they are also down 5.5% from a year earlier.
Melbourne, Sydney and Canberra recorded the biggest monthly falls in listings, down 12.3%, 6.6% and 6.4% respectively.
Over the year, listings are down most in Canberra by 16.1%.
There has been a drop in property listings in Sydney and Melbourne, as some vendors wait on the sidelines for price rises to eventuate.
This is only perpetuating increases in asking prices in those cities, and we can expect to see those housing markets gain momentum with demand still fuelled by low interest rates and good population growth.