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Latest Asking Prices State by State | Normal Quiet January for Listings - featured image
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Latest Asking Prices State by State | Normal Quiet January for Listings

key takeaways

Key takeaways

In January 2024, the number of national residential property listings decreased by 5.7% from December.

Listings up 2.7%, year on year with rises recorded in five capital cities.

Distressed property listings increased by 2.4% with a 9% surge in NSW distressed selling over January.

National combined dwelling asking prices rose 1.9%, yet fell in the capital cities.

Forward listings in February suggest substantial rise over February.

According to the latest data from SQM Research, January recorded a 5.7% decline in nationwide residential property listings.

The total listings now stand at 220,956 properties.

Notably, all major cities experienced a significant decrease in their listings for the month, which is expected at this time of year.

However, five capital cities recorded rises compared to January 2023.

Surge

Over the course of a 12-month period, residential property listings across the nation experienced a 2.7% rise.

Notably, Canberra and Hobart stood out, reporting a remarkable increase of 24.4% and 18.1%, respectively.

And are now back to their long-term averages in terms of supply on the market.

Total Listings of Properties for Sale

City January 2024 Total Monthly change % Yearly change %
Sydney 25,031 -6.0% 5.7%
Melbourne 32,684 -8.3% 6.2%
Brisbane 15,556 -7.2% -14.7%
Perth 14,546 -8.4% -23.5%
Adelaide 7,970 -9.9% -9.7%
Canberra 3,293 -9.3% 24.4%
Darwin 1,485 -3.8% 4.5%
Hobart 2,714 -0.7% 18.1%
National 220,956 -5.7% 2.7%

Source: SQM Research

New Listings

Nationally, new listings (less than 30 days) dropped by 17.5% in January to 44,883 residential dwellings.

Sydney and Darwin recorded an increase of 3.7% and 12.2% respectively.

Notably, Sydney and Melbourne's new listings activity each rose by over 20% compared to 2023, suggesting a strong start to the market for 2024.

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

City 24-Jan Monthly change Yearly change
Sydney 8,027 3.7% 20.7%
Melbourne 8,255 -24.0% 21.7%
Brisbane 4,983 -4.8% 11.2%
Perth 4,438 -9.3% 6.6%
Adelaide 2,637 -24.7% -10.3%
Canberra 856 -15.5% 1.9%
Darwin 203 12.2% 53.8%
Hobart 416 -26.9% -22.4%
National 44,883 -17.5% 5.8%

Source: SQM Research

Old Listings

In January, older listings (properties listed for over 180 days) remained steady for the month.

Notably, most cities recorded an uptick in older stock during the month but are recording large year-on-year declines.

Old listings (greater than 180 days)

City 24-Jan Monthly change Yearly change
Sydney 5,040 4.0% -12.2%
Melbourne 7,636 7.8% -9.6%
Brisbane 2,262 3.3% -21.6%
Perth 2,534 -8.9% -42.8%
Adelaide 1,160 -1.4% -13.9%
Canberra 475 5.8% 34.2%
Darwin 619 2.3% -8.0%
Hobart 788 -0.3% 28.8%
National 62,412 0.0 4.6

Source: SQM Research

Distressed Listings

The count of residential properties sold under distressed conditions in Australia has increased to 5,252.

This marks a 2.4% increase.

What was most notable was the 9.0% increase in NSW which is also up by 16.3%, for the past 12 months.

Victoria is up by 17.8% for the same period.

Distressed Property Listings

State 24-Jan Total Listings Monthly change Yearly change
NSW 1,315 9.0% 16.3%
VIC 906 -3.7% 17.8%
QLD 1,695 2.2% -29.0%
WA 884 -1.2% -30.0%
SA 230 2.7% -13.2%
ACT 18 -10.0% -30.8%
NT 112 17.9% 19.1%
TAS 92 3.4% 12.2%
National 5,252 2.4% -12.7%

Source: SQM Research

Asking Prices

The national combined dwelling asking price rose by 1.9% to record a median dwelling asking price of $ 821,710.

Perth continues to record the most confident vendors across the country with another 2.6% rise for the month with Perth asking prices now up by 13.4% for the 12 months to January.

Vendors in Sydney are now asking typically $1,941,379 for a house.

On the other spectrum, sellers in Darwin are seeking $373,083 for a unit.

Sydney Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 1,941.379 -7.589 0.7% 12.5%
All Units 791.121 1.378 0.5% 6.3%
Combined 1,479.219 -3.986 0.6% 10.7%

Source: SQM Research

Melbourne Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 1,232.273 -8.673 -1.2% 4.4%
All Units 596.918 1.582 -0.1% 1.2%
Combined 1,034.564 -5.482 -1.0% 3.6%

Source: SQM Research

Perth Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 921.890 2.358 2.9% 13.7%
All Units 477.560 5.075 1.3% 12.4%
Combined 806.667 3.062 2.6% 13.4%

Source: SQM Research

Brisbane Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 1,027.251 3.022 0.4% 9.1%
All Units 574.298 0.402 1.0% 13.3%
Combined 914.775 2.372 0.5% 9.6%

Source: SQM Research.

Adelaide Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 852.774 0.290 1.9% 9.3%
All Units 435.776 -2.776 -3.1% 18.9%
Combined 778.027 -0.260 1.4% 10.1%

Source: SQM Research

Canberra Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 1,198.929 8.498 0.4% 12.1%
All Units 603.088 1.537 0.8% 2.0%
Combined 983.960 5.987 0.4% 9.5%

Source: SQM Research

Darwin Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 661.596 -2.396 0.1% -1.9%
All Units 373.083 0.250 -0.3% 0.8%
Combined 548.486 -1.358 0.0% -1.2%

Source: SQM Research

Hobart Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 794.114 -1.205 -0.5% 0.8%
All Units 508.165 9.135 -1.0% 3.3%
Combined 751.239 0.345 -0.5% 1.0%

Source: SQM Research

National Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 900.596 4.871 2.0% 8.7%
All Units 530.667 1.290 1.1% 5.0%
Combined 821.710 4.107 1.9% 8.1%

Source: SQM Research

Capital City Average Weekly Asking Prices Index

Property type Price (AUD) Change Change % Yield
All Houses 1,346.562 5.169 -0.5% 9.7%
All Units 663.262 2.042 0.5% 7.1%
Combined 1,146.455 4.253 -0.4% 9.0%

Source: SQM Research

Final note...

The country recorded a typical January hiatus in the housing market.

However, forward listings suggest that February will be a very strong month for housing activity.

Auction numbers are up by 31% compared to this time, last year.

However, there is also now a concerning trend emerging out of NSW and Victoria for ongoing rises in distressed listings activity.

The nine per cent rise in NSW for the month was very abnormal and suggests some vendors in NSW are increasingly desperate to offload their properties.

I caution the industry right now not to get too far ahead of itself and not overly read into the jump in clearance rates last week.

Yes, it may be a positive sign.

Yes, there may be an interest rate cut at some point this year.

However, the market right now is very mixed, and vendors need to realise that buyers will be sensitive to any economic slowdown that maybe presently occurring

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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