Our latest stats at SQM Research reveal that the level of residential property listings around the nation rose minimally during the month of October, with national stock levels increasing by 1.5% and coming to a total of 347,056.
Although the monthly change in listings is considered modest in comparison to previous months, the level of stock has been recorded a substantially lower figure than that of the corresponding period in 2012, revealing that stock is indeed being absorbed at a much faster rate during 2013.
A city by city break down however, reveals that both Canberra and Sydney experienced a surge in stock during October, with for sale listings increasing by 5.9% and 4.7% respectively for these two capital cities.
That being said, Sydney’s year on year comparisons continue to record staggering decreases, with the city falling by -17.3% in stock levels since October 2012.
Of particular interest is Darwin’s 13.4% yearly increase. This considerable rise in stock levels is in line with SQM Research’s forecast for this city in 2014, where we have predicted a slowdown in property prices.
October has recorded a fairly benign increase in real estate listings which was similar in magnitude to the increase recorded this time last year. Increases in listings during the spring months tend to be part of the normal seasonality of the residential property market.
To this end there has been nothing too abnormal in the results other than I note what now seems to be a continued uptrend in supply for the Darwin housing market, which suggests to me a forthcoming slowdown in that city.
Hobart on the other hand is now providing a signal that there is now a bottom in the market there after nearly three years of dwelling price falls.
Going forward, I expect a lift in listings for November in most cities as what is normally the case for this time of year.
You can get free data about stock on market, vacancy rates, demographics, etc at a State and Suburb level at our website SQM Research