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Latest Asking Prices State by State | Asking prices hit record high in October - featured image
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Latest Asking Prices State by State | Asking prices hit record high in October

key takeaways

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.

Surge

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

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.

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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