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Latest Asking Prices State by State | February Total Housing Listings rise by 8.4% - featured image
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Latest Asking Prices State by State | February Total Housing Listings rise by 8.4%

key takeaways

Key takeaways

In February 2024, the number of national residential property listings increased by 8.4%, rising to 239,459 dwellings from the 220,956 recorded in January 2024.

Nationally, new listings (less than 30 days) recorded a 66.4% rise in February, with 74,698 fresh property listings entering the market.

Distressed property listings increased by 1.1%.

National combined dwelling asking prices remained steady for the month.

February recorded an 8.4% increase in nationwide residential property listings according to the latest data from SQM Research.

The total listings now stand at 239,459 properties, an increase from the 220,956 recorded in January 2024.

Notably, all major cities experienced a significant increase in their listings.

Surge

Over the course of a 12-month period, residential property listings across the nation recorded a 3.6% rise.

Notably, Brisbane, Perth and Adelaide stood out, reporting a significant decrease of 13.6%, 22.3% and 9.8%, respectively.

Total Listings of Properties for Sale

City February 2024 Total January 2024 Total February 2023 Total Monthly change Yearly Change %
Sydney 30,093 25,031 27,521 20.2% 9.3%
Melbourne 38,120 32,684 34,655 16.6% 10.0%
Brisbane 16,316 15,556 18,885 4.9% -13.6%
Perth 15,152 14,546 19,507 4.2% -22.3%
Adelaide 8,661 7,970 9,603 8.7% -9.8%
Canberra 3,982 3,293 3,205 20.9% 24.2%
Darwin 1,517 1,485 1,484 2.2% 2.2%
Hobart 2,904 2,714 2,478 7.0% 17.2%
National 239,459 220,956 231,039 8.4% 3.6%

Source: SQM Research

New Listings

Nationally, new listings (less than 30 days) increased by 66.4% in February, introducing 74,698 fresh listings to the market.

All listed cities continued to experience increases in new listings to some extent.

New Listings of properties for sale (less than 30 days)

City February 2024 Total January 2024 Total February 2023 Total Monthly change Yearly Change %
Sydney 14,993 8,027 12,236 86.8% 22.5%
Melbourne 16,483 8,255 13,703 99.7% 20.3%
Brisbane 7,469 4,983 6,901 49.9% 8.2%
Perth 6,906 4,438 6,555 55.6% 5.4%
Adelaide 4,159 2,637 4,392 57.7% -5.3%
Canberra 1,715 856 1,531 100.4% 12.0%
Darwin 289 203 227 42.4% 27.3%
Hobart 743 416 686 78.6% 8.3%
National 74,698 44,883 70,498 66.4% 5.3%

Source: SQM Research

Old Listings

In February, older listings (properties listed for over 180 days) remained steady, but still show a 4.0% increase over the past 12 months.

Notably, most cities recorded an uptick in older stock during the month.

Old listings (greater than 180 days)

City Feb-24 Jan-24 Feb-23 Monthly change Yearly Change %
Sydney 5,089 5,040 5,864 1.0% -13.2%
Melbourne 7,872 7,636 8,590 3.1% -8.4%
Brisbane 2,265 2,262 2,962 0.1% -23.5%
Perth 2,462 2,534 4,388 -2.8% -43.9%
Adelaide 1,148 1,160 1,478 -1.0% -22.3%
Canberra 581 475 379 22.3% 53.3%
Darwin 615 619 685 -0.6% -10.2%
Hobart 811 788 658 2.9% 23.3%
National 65,264 62,412 62,772 4.6% 4.0%

Source: SQM Research

Distressed Listings

According to SQM Research's latest report in February 2024, the count of residential properties sold under distressed conditions in Australia has slightly increased to 5,312.

This marks a 1.1% increase from the 5,252 distressed listings noted in January 2024.

The majority of cities experienced increased distressed activity, however, QLD, WA, and SA attributed decreases of 1.5%, 6.8%, and 1.7%, respectively.

NSW recorded a further 7.3% increase in distressed selling activity.

This was over and above the 9% increase recorded in January.

Canberra recorded a 27.8% rise in distressed activity, however, in absolute numbers, activity is small at just 23 dwellings.

Distressed Property Listings

State 24-Feb Total Listings Monthly change Yearly change
NSW 1,411 7.3% 17.5%
VIC 935 3.2% 12.9%
QLD 1,670 -1.5% -23.6%
WA 824 -6.8% -33.8%
SA 226 -1.7% -13.4%
ACT 23 27.8% -4.2%
NT 121 8.0% 37.5%
TAS 102 10.9% 21.4%
National 5,312 1.1% -10.2%

Source: SQM Research

Asking Prices

The national combined dwelling asking price rose by 0.4% to record a median dwelling asking price of $ 824.788.

Asking prices for capital cities decreased by 0.1%, marking a 9.4% rise compared to February 2023.

Sydney's combined asking price saw a notable decrease of 2.3%.

Sydney Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,897.326 11.574 -1.8% 10.8%
All Units 792.901 1.499 -0.4% 6.0%
Combined 1,452.917 7.186 -1.5% 9.3%

Source: SQM Research

Melbourne Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,245,.400 9.649 1.1% 6.7%
All Units 604.028 1.372 1.2% 1.3%
Combined 1,045.424 6.877 1.1% 5.5%

Source: SQM Research

Perth Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 956.215 3.946 2.9% 16.2%
All Units 490.508 9.147 1.9% 14.7%
Combined 835.291 5.222 2.8% 15.8%

Source: SQM Research

Brisbane Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,058.399 2.809 2.2% 11.5%
All Units 579.656 1.344 0.7% 15.4%
Combined 933.301 2.355 2.0% 11.9%

Source: SQM Research.

Adelaide Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 870.581 0.719 0.6% 12.9%
All Units 446.324 4.976 1.8% 16.9%
Combined 794.506 1.472 0.7% 13.2%

Source: SQM Research

Canberra Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,201.762 -5.009 0.0% 16.5%
All Units 596.042 2.083 -0.9% 1.1%
Combined 983.663 -2.789 -0.2% 12.5%

Source: SQM Research

Darwin Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 658.600 -1.000 -0.5% -3.5%
All Units 378.002 0.331 0.4% 0.0%
Combined 548.564 -0.492 -0.3% -2.6%

Source: SQM Research

Hobart Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 802.333 -1.152 0.8% 0.9%
All Units 506.584 -2.039 0.0% 4.3%
Combined 757.911 -1.326 0.8% 1.2%

Source: SQM Research

National Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 909.783 6.298 0.6% 9.1%
All Units 536.153 1.439 0.3% 6.1%
Combined 829.994 5.206 0.5% 8.6%

Source: SQM Research

Capital City Average Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,358.003 13.758 0.5% 10.6%
All Units 669.013 4.713 0.2% 6.0%
Combined 1,155.845 10.909 0.4% 9.6%

Source: SQM Research

Final note...

The month of February recorded a strong surge in new listings activity in all cities compared to January and indeed over the same period last year for most cities.

Both sellers and buyers are very active in the market at this point in time which explains the rise in weekly auction clearance rates.

I also note the ongoing rises in distressed activity, particularly for NSW and Victoria.

While not yet at alarming levels there has been a clear trend upward in recent months and we will continue to monitor and report on this market situation as it unfolds

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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