Property Listings Fall over November

National residential property listings fell in November 2021 by 2.6% to 233,716 from 239,866 in October 2021. 

Sydney and Canberra are the two cities to have recorded a rise in listings of 3.2% and 3.9%  over the month of November.

Over the year, property listings are trending downwards nationwide.

Compared to 12 months ago, national listings fell 21.1%, with the biggest falls in Brisbane, Adelaide, Canberra, and Hobart.

Nationally, new listings (Less than 30 days) rose 2.3% over November 2021 to 96,346 properties on the market, though they rose 20.4% over the year.

New listings rose the most in Perth up by 9.6%.

Over the year, new listings rose the most in Darwin by 44.2%, followed by Perth and Sydney by 43.1% and 30%.

In a sign that older stock is clearing, property listings over 180 days dropped by 7.3% in November 2021 and they are down 51.2% over the year, with monthly falls as old listings were bought up at a quicker rate.

We were expecting a fall in listings given the strong October numbers.

While there were falls, the count was stronger than expected.

Especially for Sydney.

Just like this time last year, vendors are keen to sell before Christmas but in greater numbers.

Perhaps it is due to the lockups of July to October.

It could also be due to more vendors believing we are at the top of the market in our two largest cities.

Either way selling activity remains very strong and will remain very strong right up to Christmas.

This week a record 6,315 auctions are scheduled.

I suspect agents are going to remain busy even through the traditional annual Christmas/New Year holiday hiatus.

ALSO READ: How long does it take to save a deposit in Australia’s priciest suburbs

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