There’s a property market lull, but no major drop in properties for sale- Louis Christopher

The number of Australian residential property listings dipped very slightly during April, with national stock on market coming to a total of 348,222 – a monthly decrease of -1.2%.

However, this is not the seasonal norm for this period, with the nation’s stock levels usually dropping more substantially during April.

Listings did fall during the month, however this was expected due to the multiple long weekends.

The fact they did not fall much, and indeed rose in some cities, provides an indication that the market might be in a brief lull, overall. However as we have already said prior to today, each city is telling its own story.

I for one am not convinced yet that the boom is over in Sydney. On the other hand, there appears to be ample evidence now that the mining downturn is affecting the Perth and Darwin housing markets

Key Points

  • Total online residential listings decreased during the month of April, recording a rise of -1.2% and coming to a total of 348,222.
  • This figure represents a decrease of -3.8% when compared to the corresponding period of the previous year (April 2013).
  • Darwin recorded the highest monthly rise in listings of all capital cities, increasing by 2.2% during April 2014 and coming to a total of 1,407.
  • Sydney recorded the most substantial monthly decrease in stock levels, falling by -6.5% during April 2014 and coming to a total of 22,762.
  • Darwin was the capital city to record the highest yearly increase in stock levels, climbing 16.1% since the corresponding period of the previous year (April 2013).
  • Sydney has once again recorded the most substantial yearly decrease in stock levels, falling by -13.5% since the corresponding period of the previous year (April 2013).

 More details

SQM Property Listings April

The lack of a major drop in listings during April is due to the minor rises in Darwin, Melbourne and Perth, all which have recorded figures which buck the seasonal trend.

Even the Sydney property market which has on average been recording yearly decreases in stock levels at approximately 17% in recent months, revealed a far more modest yearly fall of
-13.5%.

Asking Prices

[sam id=43 codes=’true’]In conjunction with this, SQM Research’s Asking Prices Index revealed that House and Unit prices both more or less stagnated on a capital city average level month-on-month – recording a mere 0.1% increase for houses and 0.5% increase for units.

Although these results are at this stage, not significant enough to interpret as a definite halt in what has so far been a booming market during 2014; they serve as an indicator of a potential lull.

SQM Research will be closely following the figures released in the coming months to assess whether or not this will be an ongoing trend or simply a monthly anomaly.

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Louis Christopher

About

Louis is recognised as one of Australia’s most respected and impartial research property analyst. He has extensive knowledge and experience of property and is regularly quoted in the media on his insights and is director of SQM Research.
Visit www.SQMResearch.com.au


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