National residential listings fell in July 2017 by 5.1% to 316,748, with stock levels down in all capital cities during the more quiet winter month of July.
Hobart led the drop in property listings at 10.5%, followed by a 7.4% fall in Melbourne.
Listings in both cities were down sharply from a year earlier, keeping upward pressure on asking house and unit prices.
Compared to a year ago, national residential property listings were down by 9.0%.
- National listings fell 5.1% during the month of July to 316,748 residential properties.
- Listings fell the most in Hobart, down 10.5% over the month to 2,607 and down 23.3% over the year.
- Melbourne recorded a significant year-on-year listings decline of 20.5% to 29,177 properties on the market. Listings fell 7.4% over the month.
- Capital city asking prices rose over the year 10.1% for houses, while falling 1.2% over the month to August 1.
- Capital city asking prices rose over the year 4.8% for houses, while rising 0.3% over the month to August 1.
There was some seasonality in the numbers, which contributed to the drop in listings.
So, for example, June had an extra weekend while July did not.
That can make a big difference as each Friday there are several new property listings that enter the market, and so we think June listings were overinflated by this fact.
We also probably saw more first home buyers enter the market in July, with Victoria and NSW introducing grants for first homebuyers from July 1, which will keep up demand on property and prices.
Sydney residential property listings fell 5.7% as vendors await the spring selling season and sit on the sidelines during the winter period, which is traditionally a quiet period for the property market.
Compared to June, we saw fewer listings with stock still in short supply in some cities, particularly in Hobart and Melbourne.
This has helped to push up asking prices for houses and units in those cities to well over the double digits, with Melbourne’s asking house price growth leading the nation at almost 22% over the year to August 1.
The table below indicates asking property prices have also shown strong growth in Canberra, as well as continued robust growth in Sydney.
But in Darwin and Perth, higher stocks levels have contributed to downward pressure on prices, while Adelaide prices are growing modestly and stock levels have contracted the.
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