Asking prices rise and property listings increased significantly in October

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 2020 Asking Price Change on
previous week
Rolling month
% change
12 month
% change
Sydney All Houses 1,354.3 9.7 0.7% 5.3%
All Units 673.1 -0.3 -0.5% -4.1%
Melbourne All Houses 1,031.4 -1.5 0.4% 6.9%
All Units 569.6 1.4 1.0% 3.4%
Brisbane All Houses 658.0 2.3 1.6% 4.1%
All Units 377.8 0.6 0.3% 1.6%
Perth All Houses 677.7 2.9 1.6% 3.5%
All Units 380.2 -0.8 -0.3% 0.8%
Adelaide All Houses 527.3 2.1 0.2% 1.7%
All Units 311.6 0.6 0.6% 3.2%
Canberra All Houses 809.7 2.4 0.0% -0.2%
All Units 465.7 -2.8 1.7% 7.7%
Darwin All Houses 584.3 0.3 1.4% 0.1%
All Units 348.4 0.3 1.1% 9.9%
Hobart All Houses 586.6 1.5 2.5% 10.1%
All Units 400.0 -4.6 -0.4% 17.8%
National All Houses 613.8 5.1 2.0% 5.7%
All Units 395.1 -0.7 -0.3% 2.9%
Cap City Average All Houses 989.1 2.9 1.8% 5.2%
All Units 563.9 0.1 0.1% -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:

City October 2019

Total

September 2020
Total
October 2020
Total
Monthly change % Yearly change
%
Sydney            29,977 31,429 34,061 8.4% 13.6%
Melbourne            36,122 34,771 44,057 26.7% 22.0%
Brisbane            31,101 28,883 30,213 4.6% -2.9%
Perth            24,368 22,272 23,203 4.2% -4.8%
Adelaide            16,369 14,062 14,691 4.5% -10.3%
Canberra              4,529 3,844 4,167 8.4% -8.0%
Darwin              1,921 1,441 1,450 0.6% -24.5%
Hobart              2,138 1,737 1,879 8.2% -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 days 30-60 days 60-90 days 90-180 days > 180 days Total Listings
Sydney 14,920 5,403 3,052 4,327 6,359 34,061
Melbourne 18,610 2,176 2,510 8,928 11,833 44,057
Brisbane 8,194 5,499 3,887 5,004 7,629 30,213
Perth 5,841 3,729 2,606 3,855 7,172 23,203
Adelaide 4,819 2,451 1,457 1,898 4,066 14,691
Canberra 1,939 564 225 393 1,046 4,167
Darwin 163 115 91 171 910 1,450
Hobart 655 212 125 222 665 1,879
National 79,639 36,458 24,040 43,152 125,124 308,413

 

September 2020
City < 30 days 30-60 days 60-90 days 90-180 days > 180 days Total Listings
Sydney 13,234 4,913 2,976 3,786 6,520 31,429
Melbourne 4,404 4,441 5,334 7,635 12,957 34,771
Brisbane 7,646 5,293 3,657 4,438 7,849 28,883
Perth 5,504 3,257 2,505 3,161 7,845 22,272
Adelaide 4,420 2,175 1,247 1,833 4,387 14,062
Canberra 1,677 423 264 407 1,073 3,844
Darwin 162 112 91 129 947 1,441
Hobart 455 206 129 254 693 1,737
National 62,485 33,826 25,631 38,584 129,040 289,566

 

October 2019
City < 30 days 30-60 days 60-90 days 90-180 days > 180 days Total Listings
Sydney 13,567 3,839 2,047 3,058 7,466 29,977
Melbourne 15,689 4,574 2,498 4,365 8,996 36,122
Brisbane 7,968 5,585 3,641 5,479 8,428 31,101
Perth 5,900 3,191 2,229 4,369 8,679 24,368
Adelaide 5,498 2,412 1,325 2,511 4,623 16,369
Canberra 1,814 569 318 645 1,183 4,529
Darwin 152 106 101 329 1,233 1,921
Hobart 635 281 200 326 696 2,138
National 78,061 34,998 23,437 44,739 137,639 318,874
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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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