Residential property listings rose during October as part of the normal spring selling season.
The number of listed properties climbed to 363,653 in October 2015, increasing 7.3% from September 2015.
- Total online national residential listings climbed during October 2015 to 363,653.
- This figure represents a monthly rise of 7.3% when compared to September 2015.
- Sydney recorded the largest monthly rise in stock levels, rising by 22.5% during October 2015 to 28,827.
- Melbourne recorded the biggest yearly decline, with listings falling by 9.6%, reducing the number of properties for sale to 39,909.
- Median Sydney house asking prices remained unchanged during October 2015, with the current asking price for a house at $1,143,000.
It is noted that the number of sale listings remaining largely unchanged from this time last year, signifying normal activity for this time of year.
However Sydney has recorded a second straight monthly surge in listings, suggesting the market has changed.
Sydney residential property listings rose 22.5% during the month of October to stand at 28,827 listings.
Sale listings for Sydney are up 11.6% from this time last year, indicating that the number of property sellers in the residential market has increased.
Within the last 12 months sale listings for Darwin have also recorded high yearly growth.
Darwin experienced a yearly growth of 14.2%, with sale listings climbing from 1,851 to 2,114.
In contrast, year-on-year results indicate that Melbourne and to a lesser extent Hobart experienced excessive yearly falls.
Melbourne recorded the biggest yearly change, with listings falling by 9.6%, reducing the number of properties for sale to 39,909.
Hobart also recorded yearly falls with records indicating a yearly change of 8.1%.
More and more vendors are now struggling to sell in Sydney as buyers become cautious in their bidding compared to earlier this year.
For now this is set to continue through to Christmas.
Median Asking Prices
While listings in Sydney surged, asking prices for Sydney dwellings remained unchanged over October, with houses recording a median asking price of $1,143,000, while the median asking price for units is $639,600, according to SQM Research, a rise of just 0.6% for the month.