New Property Listings Increased

National residential property listings increased in March 2020 by 3.7% from 296,770 in February to 307,847.

Compared to 12 months ago, listings were down by 13.2%.

All capital cities experienced increases in property listings over the month with the largest increase in Darwin of 15.6%, followed closely by Canberra with a 11.0% increase and Sydney a 10.5% increase.

Hobart had the smallest increase of 2.4% increase in listings.

Listings that have been on the market for between 30 to 60 days surged by 74%, suggesting sales activity did slow during March.

Year-on-year listings show declines for all capital cities with Sydney recording a significant decline of 22.8% and Hobart an 18.5% decline this time last year.

Key Points

• National residential property listings increased in March by 7% from 296,770 listings in February 2020 to 307,847. Compared to 12 months ago, listings were down by 13.8%.
• All capital cities experienced increases in property listings over the month with the largest increase in Darwin of 6%, followed closely by Canberra with an 11.0% increase.
• There was a surge in listings that have been on the market between 30 to 60 days, suggesting a drop in sales activity for the month.
• Capital City asking prices increased by 7% for houses and increased 0.6% for houses, over the month to 31^st March 2020. Unit asking prices are now at $577,000 and houses $990,500.
• Compared to a year ago, the capital city asking prices posted increases of 8% for houses and 2.1% increase for units.

Stock on Market Table:

Residential property listings are starting to increase and accumulate.

I note the surge of stock that has been on the market between 30 and 60 days.

This may reflect the start of a capital city housing market downturn due to the health and economic impact of COVID-19.

I also note though the rise in asking prices for the month, so quite a number of vendors have not really adjusted their pricing expectations as yet.

Days on Market Tables:

Asking Prices

Capital City asking prices increased by 0.7% for houses and increased 0.6% for houses, over the month to 31^st March 2020.

Unit asking prices are now at $577,000 and houses $990,500.

Compared to a year ago, the capital city asking prices posted increases of 8.8% for houses and 2.1% increase for units.

Over the month, most capital cities recorded asking price increases, with Darwin and Hobart both recording the highest increases for houses of 3.1%.

Highest price increase in units was Sydney and Perth with 0.8% increase.

Brisbane was the only capital city to record decreases in both house and unit prices – 0.1% for houses and 0.5% for units.

Canberra and Hobart posted declines in house unit prices of 2.2% and 3.5% respectively but recorded increases in house prices of 0.4% and 3.1% respectively.

Adelaide posted declines in house prices of 0.9% but increased 0.3% for unit prices.