Figures released by SQM Research reveal national residential listings rose in August 2017 by 0.7% to 318,825, with stock levels rising in most capital cities, led by a jump in Sydney and Canberra.
Compared to a year ago, national residential property listings were down by 4.3%.
Listings were down the most in Hobart (-20.2%) and Melbourne (-15.3%), with the tight supply keeping upward pressure on house and unit prices in those cities.
However, listings were up by 12.4% in Sydney compared to a year earlier, the greatest increase of any capital city.
- National listings rose 0.7% during the month of August to 318,825 residential properties, though they are down 4.3% over the year.
- Listings rose the most in Sydney, up by 5.0% over the month to 27,614 to be up 12.4% over the year.
- Canberra recorded a large monthly rise in listings of 4.5% to 3,423 properties on the market. Listings are up 8.9% over the year.
- Melbourne listings rose 3.0% over the month of August, but were down 15.3% over the year.
- Capital city asking prices rose over the year to September 5 by 11.1% for houses and 7% for units.
We’ve seen a strong rise in listings in Sydney, Canberra and Melbourne, with some buyers deciding to take profits on their properties with property price gains being posted in all of those cities.
Looking ahead, we can expect to see a big boost to listings in September with the advent of the spring selling season.
We are also seeing more first home buyers enter the market with Victoria and NSW introducing first homebuyers grants, which will maintain demand for residential properties and keep up prices.
The table below indicates asking property prices have also shown strong growth in Canberra, Melbourne, Sydney and Hobart over the year to September 5.
But in Darwin and Perth, prices are still falling, while Adelaide and Brisbane property prices are growing modestly.
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