Asking prices rise and property listings increased significantly in October

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Capital City Average asking prices increased 1.8% for houses and 0.1% units over the month to 3rd November.

Average unit asking prices are now $563,900 and houses $989,100.2020 Houses Prices

Compared to a year ago, the capital city asking prices posted an increase of 5.2% for houses but declined by 1.0% for units.

Over the month, most capital cities recorded marginal asking price increases in houses and units.

Sydney continues to record a decline in unit asking prices of 0.5% but recorded an increase of 0.7% for houses.

Perth and Hobart also recorded declines in unit prices of 0.3% and 0.4%, respectively.

Hobart however, posted the largest gain in house prices of 2.5%.

Melbourne’s property market, after the lifting of Covid-19 restrictions, is rebounding posting increases in both house asking prices of 0.4% and a 1.0% increase in units.

Canberra house asking prices remained stable and unit asking prices increased by 1.7%.

Year on year, most capital cities recorded increases in house and unit asking prices with a significant increase of 17.8% in Hobart’s unit asking price and 10.1% in house asking prices.

Sydney’s unit prices declined 4.1% over the 12 months but house prices increased 5.3%.

SQM Research Weekly Asking Prices Index
Week-ending:  3 November 2020Asking PriceChange on
previous week
Rolling month
% change
12 month
% change
SydneyAll Houses1,354.39.70.7%5.3%
All Units673.1-0.3-0.5%-4.1%
MelbourneAll Houses1,031.4-1.50.4%6.9%
All Units569.61.41.0%3.4%
BrisbaneAll Houses658.02.31.6%4.1%
All Units377.80.60.3%1.6%
PerthAll Houses677.72.91.6%3.5%
All Units380.2-0.8-0.3%0.8%
AdelaideAll Houses527.32.10.2%1.7%
All Units311.60.60.6%3.2%
CanberraAll Houses809.72.40.0%-0.2%
All Units465.7-2.81.7%7.7%
DarwinAll Houses584.30.31.4%0.1%
All Units348.40.31.1%9.9%
HobartAll Houses586.61.52.5%10.1%
All Units400.0-4.6-0.4%17.8%
NationalAll Houses613.85.12.0%5.7%
All Units395.1-0.7-0.3%2.9%
Cap City AverageAll Houses989.12.91.8%5.2%
All Units563.90.10.1%-1.0%

Source: www.sqmresearch.com.au

National residential property listings increased in October by 5% from 289,566 listings in September 2020 to 308,413.

It seems like we are moving back to the usual spring selling season with all capital city listings rising in October.

 

Melbourne in particular, has bounced back in a big way after the relaxing of Stage 4 restrictions.

In fact, we are expecting another big rise in listings during the month of November for Melbourne.

All capital cities recorded increases in property listings over the month with Melbourne posting the highest increase of 7%.

Nationally new listings surged by a significant 45% in October with 17,154 more new properties listed for sale in the market.

However, SQM Research reveals that compared to 12 months ago, listings were down by 3.3%.

All capital cities recorded increases in property listings over the month with Melbourne recording a huge increase of 26.7% – 9,286 more properties listed than September.

Both Sydney and Canberra also posted large increases of 8.4% each and Hobart posted 8.2% increase.

Brisbane recorded a 4.6% increase, Adelaide 4.5% and Perth 4.2%.

Darwin recorded the smallest increase of 0.6%.

National year-on-year listings reveal a decrease of 3.3% with significant decreases in Darwin (24.5%) and Hobart (12.1%).

Melbourne however, recorded a large increase of 22.0% and Sydney a 13.6% increase.

All other capital cities recorded declines over the 12 months.

Stock on Market Table:

CityOctober 2019

Total

September 2020
Total
October 2020
Total
Monthly change %Yearly change
%
Sydney           29,97731,42934,0618.4%13.6%
Melbourne           36,12234,77144,05726.7%22.0%
Brisbane           31,10128,88330,2134.6%-2.9%
Perth           24,36822,27223,2034.2%-4.8%
Adelaide           16,36914,06214,6914.5%-10.3%
Canberra             4,5293,8444,1678.4%-8.0%
Darwin             1,9211,4411,4500.6%-24.5%
Hobart             2,1381,7371,8798.2%-12.1%
National          318,874 289,566 308,413 6.5%-3.3%

 New Listings (30 days)

Nationally, new listings (30 days) increased by a significant 27.45% over the course of October with 17,154 more properties on the market.

Melbourne posted a huge increase in new listings of 322.6%.

 Hobart posted a 44.0% increase, Canberra a 15.6% increase and Sydney a 12.7% increase in new listings.

Days on Market Tables:

October 2020

City< 30 days30-60 days60-90 days90-180 days> 180 daysTotal Listings
Sydney14,9205,4033,0524,3276,35934,061
Melbourne18,6102,1762,5108,92811,83344,057
Brisbane8,1945,4993,8875,0047,62930,213
Perth5,8413,7292,6063,8557,17223,203
Adelaide4,8192,4511,4571,8984,06614,691
Canberra1,9395642253931,0464,167
Darwin163115911719101,450
Hobart6552121252226651,879
National79,63936,45824,04043,152125,124308,413

 

September 2020
City< 30 days30-60 days60-90 days90-180 days> 180 daysTotal Listings
Sydney13,2344,9132,9763,7866,52031,429
Melbourne4,4044,4415,3347,63512,95734,771
Brisbane7,6465,2933,6574,4387,84928,883
Perth5,5043,2572,5053,1617,84522,272
Adelaide4,4202,1751,2471,8334,38714,062
Canberra1,6774232644071,0733,844
Darwin162112911299471,441
Hobart4552061292546931,737
National62,48533,82625,63138,584129,040289,566

 

October 2019
City< 30 days30-60 days60-90 days90-180 days> 180 daysTotal Listings
Sydney13,5673,8392,0473,0587,46629,977
Melbourne15,6894,5742,4984,3658,99636,122
Brisbane7,9685,5853,6415,4798,42831,101
Perth5,9003,1912,2294,3698,67924,368
Adelaide5,4982,4121,3252,5114,62316,369
Canberra1,8145693186451,1834,529
Darwin1521061013291,2331,921
Hobart6352812003266962,138
National78,06134,99823,43744,739137,639318,874
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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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