The number of Australian residential property listings decreased during July, taking national stock on market plummeting down to levels not witnessed since February 2011.
Nationally, the number of unsold properties on the market has been recorded at 334,683 for July 2014 – a -3.6% decrease month-on-month and -4.8% decrease year on year.
- Total online residential listings decreased during the month of July, recording a fall of -3.6% and coming to a total of 334,683.
- This figure represents a decrease of -4.8% when compared to the corresponding period of the previous year (July 2013).
- Darwin recorded the only monthly increase in stock levels of all the capital cities, increasing by 3.3% during July 2014 and coming to a total of 1,582.
- Adelaide recorded the largest monthly decrease in stock levels, falling by -7.8% and coming to a total of 14,593.
- Darwin was the capital city to record the highest yearly increase in stock levels, climbing 21.5% since the corresponding period of the previous year (July 2013).
- Canberra has recorded the most substantial yearly decrease in stock levels, falling by -11.7% since the corresponding period of the previous year (July 2013) and coming to a total of 3,140.
- SQM Research’s Asking Prices revealed that nationally, Asking Prices decreased for houses month-on-month by 0.2% and increased for units over the same period by 0.2%.
Lower stock levels do have the tendency to hint to an active market, just as the climbing stock levels experienced 2010 pointed to a slump in Australian property, and SQM Research is most certainly of the opinion that the current property market remains in favour of sellers.
However, when following the trends in stock on market figures over recent periods, SQM Research has noted that the rate of decline has slowed.
Sydney in particular, which was recording yearly stock level declines in between 15% and 25%, is now only recording a yearly decline of -8.7%.
Further to this, SQM Research’s Asking Prices Index has revealed that asking prices for houses on a national level have actually fallen marginally month-on-month, recording a -0.2% decrease.
Asking Prices for units have risen slightly month-on-month, recording an increase of 0.2% on a national level.