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By Louis Christopher
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Latest Asking Prices State by State | Winter Lull takes Affect with Huge falls in Home Listings

key takeaways

Key takeaways

In June 2024, the number of national residential property listings decreased by 8.3%, falling to 231,799 dwellings from the 252,757 recorded in May 2024.

Nationally, new listings (less than 30 days) recorded a 13.3% decrease in June, with 63,224 fresh property listings entering the market.

Distressed property listings slightly rise by 0.5% over a month.

National combined dwelling asking prices have risen 0.7% from May to June 2024 driven by Perth and Brisbane

June 2024 recorded a dramatic 8.3% decrease in nationwide residential property listings, bringing the total to 231,799 properties, down from the 252,757 recorded in May 2024, according to data from SQM Research.

Notably, all major cities experienced a decrease in their listings from the end of the financial year affected month.

Following on from the surge in listings over May, the market reversed course and recorded a large decline in properties for sale over June.

This is the standard winter lull effect we see in the Australian housing market at this time of year so no great surprise in these numbers.

That said, some cities are recording some very large year on year decline in listings, namely Perth, Brisbane and Adelaide.

In each of these cities, vendors have the upper hand right now in terms of negotiations. We can see this when measuring asking prices as in each of these three cities, vendors seem to have free reign right now in lifting their for-sale prices.

While the housing market may be slowing in Sydney and Melbourne, the same cannot be said for these three cities.

Surge

Adelaide recorded the largest monthly decrease in total listings, falling by 15.4%.

Melbourne and Perth followed, both recording decreases of 11.9%.

While Perth also recorded the largest yearly decrease of 32.2%.

Darwin experienced the smallest monthly decrease at 1.3%.

Melbourne had the highest total number of listings in June, with 37,123 properties.

Over the course of a 12-month period, there are 0.7% more listings.

Sydney and Melbourne now record 7.8% and 12.4% more listings compared to this time last year.

Conversely, Adelaide and Perth report 12-month decreases of 24.3% and 32.2%, respectively.

Brisbane also recorded a decrease of 12.5% in listings.

Darwin listings remained showing a decrease of 7.5%.

On the other hand, Canberra experienced a remarkable 22.1% increase in listings, while Hobart saw an 8.8% rise.

Total Listings of Properties for Sale

City May 2024 Total April 2024 Total May 2023 Total Monthly change Yearly Change %
Sydney 29,498 31,976 27,351 -7.7% 7.8%
Melbourne 37,123 42,119 33,017 -11.9% 12.4%
Brisbane 16,495 17,842 18,852 -7.5% -12.5%
Perth 12,347 14,013 18,219 -11.9% -32.2%
Adelaide 7,398 8,736 9,769 -15.3% -24.3%
Canberra 3,873 4,282 3,171 -9.6% 22.1%
Darwin 1,565 1,585 1,691 -1.3% -7.5%
Hobart 2,788 3,030 2,563 -8.0% 8.8%
National 231,799 252,757 230,274 -8.3% 0.7%

Source: SQM Research

New Listings

Nationally, new listings (less than 30 days) fell by 13.3% in June 2024, totalling 65,190 properties, down from 75,174 in May 2024.

This decline was evident across most major cities. Compared to June 2023, there has been a slight 3.1% increase in new listings nationwide.

Sydney and Melbourne recorded annual increases of 6.7% and 9.8%, respectively.

Brisbane saw a 7.4% rise, while Canberra experienced a 10.5% increase.

Hobart had the most significant annual growth, with a 25.5% increase in new listings. On the other hand, Perth and Adelaide reported yearly decreases of 8.2% and 15.5%, respectively.

Darwin also experienced a notable yearly decline of 18.7%.

New Listings of properties for sale (less than 30 days)

City May 2024 Total April 2024 Total May 2023 Total Monthly change Yearly Change %
Sydney 13,268 15,180 12,432 -12.6% 67%
Melbourne 14,026 17,929 12,776 -21.8% 9.8%
Brisbane 7,583 7,991 7,061 -5.1% 7.4%
Perth 5,117 5,879 5,572 -13.0% -8.2%
Adelaide 3,430 4,182 4,059 -18.0% -15.5%
Canberra 1,490 1,762 1,349 -15.4% 10.5%
Darwin 291 281 358 3.6% -18.7%
Hobart 537 528 428 1.7% 25.5%
National 65,190 75,174 63,244 -13.3% 3.1%

Source: SQM Research

Old Listings

In June, older listings (properties listed for over 180 days) recorded a 6.6% decrease over the past month, totalling 68,109 properties.

Most cities saw a reduction in older stock during the month, with Brisbane, Canberra, and Sydney experiencing significant decreases of 14.1%, 11.0%, and 10.1% respectively.

Compared to June 2023, Perth showed a dramatic 58.1% decrease in older listings. Brisbane, Adelaide, and Melbourne also recorded annual declines in older listings.

Despite these decreases, the overall trend shows a slight increase in older property listings nationally over the past year, with a 3.5% rise.

Notably, Hobart saw a 31.1% increase in older listings, while Canberra and Darwin experienced increases of 11.6% and 7.3%, respectively.

This trend suggests a housing market that is slowing, though SQM has no significant concerns about the total number of older listings on the market at this time.

Old listings (greater than 180 days)

City May-24 Apr-24 May-23 Monthly change Yearly Change %
Sydney 4,871 5,421 5,336 -10.1% -8.7%
Melbourne 7,561 8,303 7,860 -8.9% -3.8%
Brisbane 1,889 2,198 3,072 -14.1% -38.5%
Perth 1,596 1,764 3,806 -9.5% -58.1%
Adelaide 1,116 1,169 1,610 -4.5% -30.7%
Canberra 549 617 492 -11.0% 11.6%
Darwin 692 705 645 -1.8% 7.3%
Hobart 962 1,006 734 -4.4% 31.1%
National 68,109 72,958 65,784 -6.6% 3.5%

Source: SQM Research

Distressed Listings

According to SQM Research's latest report in June 2024, the count of residential properties sold under distressed conditions in Australia slightly increased to 5,111.

This marks a 0.2% rise from the previous month.

The data for distressed property listings across different states shows significant variation.

In NSW, distressed listings decreased by 0.5%, while VIC saw an increase of 2.3%.

QLD experienced a slight decline of 0.9%, and WA saw a more substantial reduction of 3.3%.

SA recorded a notable increase of 12.2%, while the ACT had a significant rise of 6.7%.

NT saw an increase of 11.2% in distressed listings, whereas TAS had a slight decline of 0.9%.

With regard to the yearly change, NSW and VIC recorded increases of 16.3% and 15.6%, respectively, while QLD, WA, and SA saw decreases of 18.6%, 23.0%, and 1.8%.

The ACT, NT, and TAS had significant yearly increases of 88.2%, 15.5%, and 27.3%, respectively.

The relatively stable distressed listings activity across the country has, so far, defied expectations of significant rises for 2024, notwithstanding increases recorded in NSW and Victoria.

Distressed Property Listings

State 24-May Total Listings Monthly change Yearly change
NSW 1,300 -0.5% 16.3%
VIC 978 2.3% 15.6%
QLD 1,592 -0.9% -18.6%
WA 757 -3.3% -23.0%
SA 221 12.2% -1.8%
ACT 32 6.7% 88.2%
NT 119 11.2% 15.5%
TAS 112 -0.9% 27.3%
National 5,111 0.2% -4.2%

Source: SQM Research

 

Asking Prices

According to SQM Research's Weekly Asking Prices Index for the week ending 2 July 2024, the national combined dwelling asking price fell by 1.5%, recording a median of $837,820.

In the capital cities, asking prices bucked the national trend with combined increases of 0.5%.

Notably, Brisbane saw a significant increase, with combined asking prices up by 1.4% over June.

Perth recorded an even stronger increase; rising by 2.4% for the month with asking prices now up by 20.5% for the past 12 months.

Conversely, some cities experienced declines.

Hobart's combined asking prices remained steady with no change from the previous month, though they still rose by 0.6% annually.

Darwin saw an annual decline of 3.2%.

Canberra showed a robust performance with a 0.3% monthly increase and a 13.0% annual rise.

Despite these variations, the overall trend indicates positive growth in asking prices across most regions.

Sydney Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,937,610 0.190 0.7% 7.7%
All Units 812,827 3.473 0.9% 4.0%
Combined 1,483,836 1.514 0.7% 6.6%

Source: SQM Research

Melbourne Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,260,468 -2.078 0.0% 6.1%
All Units 604,273 -1.273 0.1% 2.0%
Combined 1,055,256 -1.826 0.0% 5.1%

Source: SQM Research

Perth Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,023,181 4.458 2.9% 21.0%
All Units 527,003 1.197 0.9% 19.1%
Combined 894,070 3.609 2.6% 20.5%

Source: SQM Research

Brisbane Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,118,150 4.448 1.2% 15.6%
All Units 631,449 1.951 2.2% 19.5%
Combined 996,866 3.826 1.4% 16.1%

Source: SQM Research.

Adelaide Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 906,823 -3.057 -0.3% 16.1%
All Units 469,885 -0.285 0.4% 10.5%
Combined 828,444 -2.560 -0.2% 15.5%

Source: SQM Research

Canberra Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,210,664 -7.914 -0.7% 16.4%
All Units 600,266 -2.516 -0.8% -0.2%
Combined 988,551 -5.950 -0.7% 12.0%

Source: SQM Research

Darwin Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 658,284 0.316 0.5% -3.7%
All Units 374,734 0.266 0.5% -1.2%
Combined 547,002 0.296 0.5% -3.1%

Source: SQM Research

Hobart Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 786,383 2.889 -0.3% 0.1%
All Units 531,433 -1.070 0.7% 2.8%
Combined 748,018 2.293 -0.2% 0.3%

Source: SQM Research

National Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 915,319 -5.531 -1.8% 9.2%
All Units 553,346 4.037 0.3% 7.3%
Combined 837,820 -3.482 -1.5% 8.8%

Source: SQM Research

Capital City Average Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,388,152 5.839 0.4% 9.9%
All Units 686,421 3.803 0.7% 5.4%
Combined 1,181,603 5.240 0.5% 8.9%

Source: SQM Research

Final note...

Total housing listings surged over the course of May 2024 and are now up by 11.7% for the past 12 months.

The rise can be put down to a large pick-up in new listings as well as a substantial rise in older listings.

This said the market is simply back to more normal, historical listing levels, notwithstanding the deep shortages in Perth, Brisbane and Adelaide.

Asking prices also continue to rise, albeit at a moderate pace for our larger capital cities.

Overall, this feels very much like we have entered into a normal, unremarkable period for the national housing market.

About Louis Christopher 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
2 comments

So Perth has officially caught up with Adelaide?

1 reply

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