Key takeaways
In October, the number of national residential property listings decreased slightly by 0.9%, dropping to 243,221 dwellings from the 245,445 recorded in September.
Nationally, new listings (Less than 30 days) rose by 2.7% in October, with 79,722 new property listings added onto the market. Most capital cities have recorded surges in new listings except Sydney and Darwin.
Distressed property listings increased by 5.2%.
National combined dwelling asking prices rose by 1.2% to hit a record high of $805,680.
The latest figures from SQM Research show a modest 0.9% decline in nationwide residential property listings during October, resulting in a total of 243,221 properties listed on the market, in contrast to the 245,445 properties recorded in September 2023.
This marginal decrease can be attributed to a substantial reduction in older listings across all major cities offsetting the increase in new listings.
Melbourne recorded a 1.6% increase in total listings for the month of October, driven by a 7.6% increase in new listings.
Canberra recorded a 4.7% increase in total listings driven by a 4.5% increase in new listings.
Conversely, Perth marked the most significant percentage decrease among capital cities, showing a 6.7% decline in total listings, primarily driven by a 13.9% decrease in older listings for the month
Total Listings of Properties for Sale
| October 2023 Total | September
2023 Total |
October 2022 Total | Monthly change % | Yearly change % | |
|---|---|---|---|---|---|
| Sydney | 31,305 | 31,542 | 30,228 | -0.8% | 3.6% |
| Melbourne | 38,120 | 37,536 | 36,314 | 1.6% | 5.0% |
| Brisbane | 18,301 | 19,066 | 20,815 | -4.0% | -12.1% |
| Perth | 16,830 | 18,047 | 21,374 | -6.7% | -21.3% |
| Adelaide | 9,554 | 9,988 | 9,834 | -4.3% | -2.8% |
| Canberra | 3,912 | 3,735 | 3,169 | 4.7% | 23.4% |
| Darwin | 1,701 | 1,719 | 1,690 | -1.0% | 0.7 |
| Hobart | 2,635 | 2,641 | 2,090 | -0.2% | 26.1% |
| National | 243,221 | 245,445 | 236,056 | -0.9% | 3.0% |
Source: SQM Research
Over the course of a 12-month period, residential property listings across the nation experienced a 3.0% growth.
Notably, Hobart distinguished itself by consistently reporting a remarkable increase of 26.1%.
New Listings
Nationally, new listings (less than 30 days) rose by 2.7% in October, adding 79,722 new property listings to the market.
Interestingly, Sydney and Darwin reported declines of 2.3% and 1.5%, respectively.
In contrast, Hobart witnessed a noteworthy surge in new listings, boasting an 8.4% increase in October.
Meanwhile, both Melbourne and Canberra also experienced substantial growth in their new listing numbers, with increases of 7.6% and 4.5%, respectively.
New Listings of properties for sale (less than 30 days)
| 23-Oct | 23-Sep | 22-Oct | Monthly % change | Yearly % change | |
|---|---|---|---|---|---|
| Sydney | 15,168 | 15,531 | 12,154 | -2.3% | 24.8% |
| Melbourne | 17,836 | 16,580 | 14,795 | 7.6% | 20.6% |
| Brisbane | 7,521 | 7,450 | 7,437 | 1.0% | 1.1% |
| Perth | 6,725 | 6,615 | 6,975 | 1.7% | -3.6% |
| Adelaide | 4,942 | 4,766 | 4,736 | 3.7% | 4.3% |
| Canberra | 1,893 | 1,812 | 1,669 | 4.5% | 13.4% |
| Darwin | 396 | 402 | 285 | -1.5% | 38.9% |
| Hobart | 739 | 682 | 693 | 8.4% | 6.6% |
| National | 79,772 | 77,621 | 74,652 | 2.7% | 6.8% |
Source: SQM Research
Old Listings
During October, older listings (properties listed for over 180 days) decreased by 5.8%, but they still represent a 15.6% increase over the past 12 months.
Notably, all cities experienced a decline in older stock during the month.
Old listings (greater than 180 days)
| 23-Oct | 23-Sep | 22-Oct | Monthly % change | Yearly % change | |
|---|---|---|---|---|---|
| Sydney | 4,783 | 4,951 | 4,650 | -3.4% | 2.9% |
| Melbourne | 7,110 | 7,378 | 7,082 | -3.6% | 0.4% |
| Brisbane | 2,271 | 2,469 | 2,378 | -8.0% | -4.5% |
| Perth | 2,754 | 3,198 | 4,247 | -13.9% | -35.2% |
| Adelaide | 1,254 | 1,380 | 1,158 | -9.1% | 8.3% |
| Canberra | 421 | 423 | 334 | -0.5% | 26.0% |
| Darwin | 536 | 550 | 699 | -2.5% | -23.3% |
| Hobart | 839 | 943 | 418 | -11.0% | 100.7% |
| National | 63,268 | 67,162 | 54,749 | -5.8% | 15.6% |
Source: SQM Research
Distressed Listings
SQM Research's latest report reveals that as of October 2023, the number of residential properties being sold under distressed conditions in Australia has risen to 5,521.
This reflects an increase of 5.2% compared to the 5,246 distressed listings recorded in September 2023.
The uptick in distressed selling activity was primarily driven by increases in New South Wales (8.9%), Western Australia (7.6%) and a substantial 35% increase in the Australian Capital Territory compared to the previous month.
Conversely, South Australia and Northern Territory have recorded a decrease in distressed listings.
Distressed Property Listings
| State | October 2023 Total Listings | September 2023 Total Listings | October 2022 Total Listings | Monthly Change (%) | Yearly Change (%) |
|---|---|---|---|---|---|
| NSW | 1,236 | 1,135 | 1,265 | 8.9% | -2.3% |
| VIC | 860 | 826 | 765 | 4.1% | 12.4% |
| QLD | 1,904 | 1,838 | 2,791 | 3.6% | -31.8% |
| WA | 1,048 | 974 | 1,402 | 7.6% | -25.2% |
| SA | 236 | 242 | 265 | -2.5% | -10.9% |
| ACT | 27 | 20 | 18 | 35.0% | 50.0% |
| NT | 113 | 116 | 84 | -2.6% | 34.5% |
| TAS | 97 | 95 | 68 | 2.1% | 42.6% |
| National | 5,521 | 5,246 | 6,658 | 5.2% | -17.1% |
Source: SQM Research
- Also read:Everything you need to know about the state of Australia’s property markets in 20 charts – November 2023
- Also read:How many investment properties do you need to retire?
- Also read:Buying an Investment Property in Australia: A step-by-step guide for Expats
- Also read:Latest property price forecasts for 2023 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Australia’s 12 most expensive suburbs, where median prices are over $5 million
Asking Prices
In October, the national combined dwelling asking price rose by 1.2% to reach a record high of $805,680.
Asking prices for capital cities also increased by 0.7%, marking a 7.5% rise compared to October 2022.
Sydney’s units asking price saw a notable increase of 2.2%, while Adelaide’s units asking price showed a more cautious rise of 2.4%.
Furthermore, it's worth noting that all house's asking prices also saw an increase in October.
Sydney Weekly Asking Prices Index
Sydney saw an increase of 0.5%.
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 1,874.387 | -4.087 | 0.1% | 10.7% |
| All Units | 782.615 | 0.580 | 2.2% | 8.3% |
| Combined | 1,436.853 | -2.217 | 0.5% | 9.8% |
Source: SQM Research
Melbourne Weekly Asking Prices Index
Melbourne showed a rise of 1.4%.
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 1,208.244 | 8.756 | 1.7% | 4.0% |
| All Units | 593.677 | 1.923 | 0.4% | 1.3% |
| Combined | 1,017.624 | 6.637 | 1.4% | 3.3% |
Source: SQM Research
Perth Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 861.098 | 3.001 | 0.5% | 10.0% |
| All Units | 454.659 | 2.441 | -0.4% | 9.1% |
| Combined | 755.915 | 2.856 | 0.4% | 9.7% |
Source: SQM Research
Brisbane Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 1,009.470 | -0.300 | 0.9% | 10.3% |
| All Units | 541.330 | 0.470 | 0.8% | 13.6% |
| Combined | 893.520 | -0.109 | 0.9% | 10.6% |
Source: SQM Research.
Adelaide Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 811.082 | 3.869 | 2.8% | 9.4% |
| All Units | 432.606 | 1.194 | 2.4% | 16.5% |
| Combined | 743.257 | 3.390 | 2.8% | 10.0% |
Source: SQM Research
Canberra Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 1,114.217 | -3.242 | 2.1% | 4.7% |
| All Units | 602.166 | 0.084 | -0.9% | 6.1% |
| Combined | 930.100 | -2.046 | 1.4% | 4.9% |
Source: SQM Research
Darwin Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 691.348 | -0.348 | 0.8% | 3.7% |
| All Units | 377.336 | -1.503 | 0.7% | 0.6% |
| Combined | 568.280 | -0.801 | 0.7% | 2.8% |
Source: SQM Research
Hobart Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 796.493 | -4.766 | 0.1% | 0.9% |
| All Units | 508.962 | 7.856 | 0.9% | 8.2% |
| Combined | 753.515 | -2.879 | 0.2% | 1.5% |
Source: SQM Research
National Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 882.807 | 6.097 | 1.3% | 8.5% |
| All Units | 520.588 | 1.554 | 0.7% | 4.6% |
| Combined | 805.683 | 5.130 | 1.2% | 7.8% |
Source: SQM Research
Capital City Average Weekly Asking Prices Index
| Property type | Price (AUD) | Change | Change % | Yield |
|---|---|---|---|---|
| All Houses | 1,308.025 | -1.725 | 0.7% | 7.9% |
| All Units | 652.993 | -0.020 | 1.1% | 7.4% |
| Combined | 1,116.787 | -1.227 | 0.7% | 7.5% |
Source: SQM Research
Final note...
Despite the school holiday period, Grand Finals, listing counts maintained the robust levels recorded in spring.
And given what we know about seasonality for this time of year, I am expecting a significant rise in listings for the month of November.
It is interesting we recorded a sizeable fall in older listings, which implies stock absorption rates were up in October.
But I also note the rise in distressed listings, which is a negative for the market if it were to continue to rise from these levels.
Overall, vendors remained confident for the month as displayed by the new record high in asking prices.
We will see how they respond to any further rate rise at next week's RBA board meeting.
