Property Listings Declined

National residential property listings continued to decline in July by 2.8%, to 316,391 from 325,404 in June 2019.

Compared to 12 months ago, listings were up by 0.7%.  Downturn

All states experienced a decline in property sales listings over the month, with Sydney experiencing the highest decline at 7.6% followed by Perth with a 4.0% decline.

Brisbane recorded the lowest decline at 1.9%.

Year-on-year Sydney’s listings declined by 10.5%, Darwin declined by 4.8% and Perth by 2.6%.

All other states recorded increases in their year-on-year listings.

Canberra’s increase was 17.1%, the highest increase in the nation, followed by Hobart with an increase of 11.5%.

City July 2018 Total June 2019 Total July 2019 Total Monthly change % Yearly change %
Sydney 32,464 31,431 29,055 -7.6% -10.5%
Melbourne 32,389 35,843 34,646 -3.3% 7.0%
Brisbane 30,047 31,628 31,038 -1.9% 3.3%
Perth 25,443 25,807 24,770 -4.0% -2.6%
Adelaide 15,537 16,504 15,876 -3.8% 2.2%
Canberra 3,610 4,317 4,226 -2.1% 17.1%
Darwin 2,063 2,012 1,965 -2.3% -4.8%
Hobart 1,959 2,264 2,184 -3.5% 11.5%
National 314,229 325,404 316,391 -2.8% 0.7%

Key Points

  • National residential property listings declined by 8% in July 2019 to 316,391 from 325,404 in June 2019. However, year-on-year listings were up by 0.7% nationally.
  • All states experienced a decline in property sales listings over the month, with Sydney experiencing the highest decline at 6% followed by Perth with a 4.0% decline.
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  • Capital City asking prices increased marginally by 7% for houses and 0.6% for units, over the month to 6 August 2019. Unit asking prices are now $566,500 and houses $919,900.
  • Compared to a year ago, the capital city asking prices posted declines of 3% for houses and declines of 1.8% for units.
  • Brisbane, Perth and Adelaide all recorded minor decreases in house and units prices over the month.

July’s result was no doubt affected by seasonality with the winter months historically a low time for new listings.

However we note there was also a large decline in older stock, which may indicate that sales rates did rise in July or more vendors opted out of their sales campaigns.

The rise in asking prices in Sydney of 2.6% for houses (+1.2% for units) indicates increased confidence by vendors of a turnaround in the market.

Vendors in Sydney would be well advised though to not get ahead of themselves in what is still a cautious market.

Asking Prices

Capital City asking prices increased marginally by 1.7% for houses and 0.6% for units, over the month to 6 August 2019.

Unit asking prices are now $566,500 and houses $919,900.

Sydney Market DownCompared to a year ago, the capital city asking prices posted declines of 4.3% for houses and declines of 1.8% for units.

Sydney and Canberra’s property prices continue to post increases and were the only capital cities to record increases over the month for both houses and units.

Sydney increased by 2.6% for houses and 1.2% for units, whilst Canberra increased 1.6% for houses and 0.5% for units.

Melbourne managed minor increase in house prices of 0.1% but recorded a 0.1% decrease for units over the month.

Darwin also recorded increases of 1.5% for houses and decrease of 0.3% for units.

Hobart prices decreased 0.8% for houses and remained steady in the unit market.

Brisbane, Perth and Adelaide all recorded decreases in house and units prices over the month.

Perth recording a decrease of 1.3% for houses and 1.1% for units; Brisbane recorded a decrease of 0.1% for both houses and units and Adelaide’s decrease was 0.3% for both houses and units.

SQM Research Weekly Asking Prices Index

 

Week ending: 6 August 2019 Asking Price Change on
prev week
Rolling month
% change
12 month
% change
Sydney All Houses 1,258.4 8.8 2.6% -6.8%
All Units 701.4 1.6 1.2% -2.5%
Melbourne All Houses 938.8 3.0 0.1% -4.6%
All Units 538.4 -0.5 -0.1% -1.7%
Brisbane All Houses 616.4 -0.1 -0.1% -0.1%
All Units 371.7 -0.1 -0.1% -2.3%
Perth All Houses 649.1 -1.7 -1.3% -2.2%
All Units 382.1 -1.0 -1.1% -2.8%
Adelaide All Houses 513.4 -1.1 -0.3% 2.3%
All Units 299.7 -0.1 -0.3% -0.8%
Canberra All Houses 806.9 2.8 1.6% -0.8%
All Units 432.7 -1.2 0.5% 5.3%
Darwin All Houses 592.7 2.5 1.5% 0.3%
All Units 354.6 -0.4 -0.3% -4.0%
Hobart All Houses 514.5 -0.4 -0.8% 5.4%
All Units 306.0 0.5 0.0% 0.8%
National All Houses 565.9 1.4 0.0% -9.0%
All Units 377.2 -1.0 0.6% -4.8%
Cap City Average All Houses 919.9 1.4 1.7% -4.3%
All Units 566.5 0.7 0.6% -1.8%

Source: www.sqmresearch.com.au

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Louis Christopher

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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