As Property listings rise – Asking prices decline

National residential listings increased by 3.3% in March 2019 to 354,459 from 343,190 in February 2019 as the market opens up for its first full trading month.

All states experienced an increase in property sales listings over the month, with Melbourne experiencing the highest increase in listings at 8.3%, followed by Canberra at 6.3% and Sydney 5.9%.

Darwin recorded the lowest increase at 2.5% and was the only state to record a year-on-year decline of 2.2%.

Compared to a year ago, national listings rose 4.8%.

Melbourne recorded a huge increase of 24.9% year-on-year followed by Canberra with a 21.4%. Sydney recorded an 8.3% increase year-on-year.

City March 2018 Total February 2019 Total March 2019 Total Monthly change % Yearly change %
Sydney 34,901 35,704 37,813 5.9% 8.3%
Melbourne 33,624 38,776 42,001 8.3% 24.9%
Brisbane 31,619 32,172 33,815 5.1% 6.9%
Perth 27,261 27,031 28,114 4.0% 3.1%
Adelaide 16,912 16,822 17,370 3.3% 2.7%
Canberra 4,060 4,637 4,928 6.3% 21.4%
Darwin 2,094 1,998 2,047 2.5% -2.2%
Hobart 2,479 2,393 2,503 4.6% 1.0%
National 338,113 343,190 354,459 3.3% 4.8%

Key Points

  • National residential listings increased by 3% in March 2019 to 354,459 from 343,190 in February 2019. Sydney Market Down
  • All states experienced an increase in listings with Darwin recording the lowest rise of 5%.
  • Melbourne experienced the highest increase in listings at 3%, followed by Canberra at 6.3% and Sydney 5.9%.
  • Capital City asking prices for houses and units declined by 3% and 1.2% respectively, for the month to 2 April 2019. Unit asking prices are now $563,400 and houses $908,200.
  • Melbourne, Brisbane and Adelaide recorded asking price declines in both houses and units.
  • Canberra and Darwin are the only two states that recorded both house and unit asking price growth.

Residential property listings continue to accumulate, reflecting the ongoing capital city housing market downturn.

The rise though, is mainly attributed to older stock failing to sell.

While new listings did increase over the month, very low sales rates are exacerbating the overhang of older listings.

Overall, the weight of listings continues to put downward pressure on asking prices as vendors keep adjusting their asking prices in order to meet the market.

Asking Prices

Capital City asking prices for houses and units declined by 0.3% and 1.2% respectively, for the month to 2 April 2019.

Unit asking prices are now $563,400 and houses $908,200.

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Melbourne, Brisbane and Adelaide recorded asking price declines in both houses and units.

Whilst Sydney’s house price remained steady at $1,235,100 asking price, the city’s unit prices has dipped 1.7% over March to $690,000.

Perth experienced a marginal growth in house prices of 0.5% but unit prices continue to decline at 0.7%.

Canberra and Darwin are the only two states that recorded both house and unit asking price growth.

Hobart is still outperforming all states in house price growth over the month, although only marginally at 0.9%. Sydney suburbs

However, unit prices in Hobart have declined by 1.9% – the biggest decline amongst all states.

Year-on-year capital city asking prices also posted declines of 3.4% for units and 7.3% for houses.

Hobart continues to show the strongest growth year-on-year for both houses and units with a 4.6% increase in houses and 5.1% for units.

Canberra also experienced yearly growth of 3.1% in houses and 1.6% growth in units.

Sydney’s 12 month decline is now 9.9% for houses and 5.8% for units.

Melbourne’s house price also continues to decline at 7.3% but unit prices increased 1.5% over the 12 months to 2 April.

SQM Research Weekly Asking Prices Index

Week ending: 2 Apr 2019 Asking Price Change on
previous week
Rolling month
% change
12 month
% change
Sydney All Houses 1,235.1 -0.4 0.0% -9.9%
All Units 690.0 -3.1 -1.7% -5.8%
Melbourne All Houses 930.6 -2.3 -1.2% -7.3%
All Units 550.7 -0.5 -0.2% 1.5%
Brisbane All Houses 615.2 0.7 -0.3% -0.2%
All Units 375.7 -0.1 -0.1% -1.1%
Perth All Houses 666.1 -0.5 0.5% -3.6%
All Units 383.9 -0.9 -0.7% -3.5%
Adelaide All Houses 513.6 -1.8 -0.6% 1.1%
All Units 301.0 0.9 -0.2% -1.4%
Canberra All Houses 819.2 1.7 0.3% 3.1%
All Units 420.5 -0.4 0.2% 1.6%
Darwin All Houses 583.7 1.4 0.1% -1.5%
All Units 402.3 -0.2 0.4% 4.7%
Hobart All Houses 507.8 1.1 0.9% 4.6%
All Units 321.1 -1.6 -1.9% 5.1%
National All Houses 568.9 3.0 0.3% -1.0%
All Units 373.5 -1.8 -0.4% -0.6%
Cap City Average All Houses 908.2 -2.5 -0.3% -7.3%
All Units 563.4 -1.8 -1.2% -3.4%

Source: www.sqmresearch.com.au

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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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