Figures released today by SQM Research reveal national residential listings fell in October 2017 by 1.4% to 324,228, with stock levels decreasing in most capital cities.
Melbourne posted the biggest drop of 3%, but listings bucked the national trend in Sydney and Canberra, and rose as some homeowners took profits on their homes.
Listings also rose in Adelaide by 2.6% with gains of 2.8% and 5.3% in Sydney and Canberra, respectively.
Compared to a year ago, listings were down by 4.6% across all Australian capital cities.
The biggest drop was posted in Hobart, with listings down by 25.3%. Melbourne followed, with listings down by 11.9%, reflecting tight supply in those two cities.
- National listings fell 1.4% during the month of October to 324,228 residential properties, to be down 4.6% over the year.
- Listings fell the most in Melbourne, down by 3% over the month to 31,518 a year, to be down 11.9% over the year.
- Listing rose the most in Canberra over the month, up by 5.3% and 8.2% over the year.
- Hobart recorded a monthly drop in listings of 1.8%, to be down 25.3% over the year.
- Capital city asking prices rose over the year to October 24 by 11.4% for houses and 5.8% for units.
It is not unusual to record a slight decline in listings in October.
The initial September spring surge in listings has run its course.
A second surge in November usually occurs prior to the market closing for the year, and so, we expect listings to rise again next month.
Overall, the numbers are slightly positive.
There is no evidence of any major correction in any city, however the large year-on-year rises in Sydney are demonstrating a downturn.
Capital city asking prices rose 1.0% for houses but were flat for units for the month to October 24.
The largest monthly rise came from Hobart, where unit asking prices rose 10.2%.
In Melbourne, asking prices for houses rose by 1.7%, with a 1.3% rise in asking prices for units.
Year-on-year gains were also the strongest in Melbourne, with both houses and unit prices rising 21.4% and 12.7% respectively.
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