Total property listings decreased in September

National residential property listings decreased in September by 1.2% from 293,053 listings in August 2020 to 289,566.

Compared to 12 months ago, listings were also down by 7.4%.

Most capital cities recorded decreases in property listings over the month with the exception of Sydney and Perth which recorded a 1.8% and 0.9% increase, respectively.

Not surprisingly, Melbourne recorded the highest decline in property listings of 4.2% in September as Stage 4 Covid-19 lockdown continued.

Brisbane recorded the lowest decline of 0.2%.

National year-on-year listings reveal a decrease of 7.4% with significant decreases in Darwin (26.8%) and Hobart (18.1%), however Sydney recorded a large of 9.2% increase.

Melbourne’s decrease was smaller at 0.2%.

All other capital cities recorded declines over the 12 months.

Key Points

• National residential property listings decreased in September by 2% from 293,053 listings in August 2020 to 289,566. Compared to 12 months ago, listings were also down by 7.4%.
• Most capital cities recorded decreases in property listings over the month with the exception of Sydney and Perth which recorded a 8% and 0.9% increase, respectively.
• Nationally New listings increased by 4% in September with 1,447 more listings in the market. However, Melbourne recorded a significant decrease in new listings of 41.3%.
• Capital City Average asking prices remained stable for both houses and units over the month to 6^th October. Average unit asking prices are $563,500 and houses $977,300.
• Compared to a year ago, the capital city asking prices posted an increase of 6% for houses but declined by 0.6% for units.

Stock on Market Table:

New Listings (30 days)

Nationally, new listings (30 days) increased by 2.4% over the course of September with 1,447 more listings in the market.

Perth posted the highest increase in new listings of 8.9%, closely followed by Canberra with 8.8% increase.

However, Melbourne recorded the highest decrease in new listings of 41.3%. 

The fall in listings is a little abnormal for the spring season.

It has been predominantly driven by two factors which include sharp falls in new listings for Melbourne over the month; as well a sizable falls in older listings across the country.

This second reason may point to an increase in absorption rates.

In other words, there may have been increases in buyer activity over the month.

There has also been other evidence of increases in buyer activity. This includes the rises in asking prices, the rises in auction clearance rates and the increases in housing finance approvals.

Days on Market Tables:

September 2020

Asking Prices

Capital City Average asking prices remained stable for both houses and units over the month to 6^th October.

Average unit asking prices are $563,500 and houses $977,300.

Compared to a year ago, the capital city asking prices posted an increase of 4.6% for houses but declined by 0.6% for units.

Over the month, most capital cities recorded marginal asking price increases in houses and units, however, Sydney recorded a decline in unit asking prices of 0.4% and Hobart’s house prices declined by 0.1%. 

Darwin recorded declines in both house and unit prices of 0.3% and 0.2%, respectively.

Perth and Canberra posted the highest increase in house asking prices of 0.8% and Hobart’s unit asking price recorded a 1.0% increase.

Year on year, most capital cities recorded increases in house and unit asking prices with a significant increase of 20.3% in Hobart’s unit asking price and 9.8% in house asking prices.

Darwin however, experienced declines in house and unit prices of 3.1% and 1.2% respectively.

Sydney’s unit prices declined 3.3% over the 12 months but house prices increased 3.7%.

About Louis Christopher 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