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Total property listings fall in May - featured image
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Total property listings fall in May

key takeaways

Key takeaways

National residential property listings fell in May 2022 by 2.2% to 223,859 from 228,901 in April. Compared to 12 months ago, listings dropped 9%.

Nationally, new listings (less than 30 days) fell 5.9% over May, with 74,902 new properties added to the market. New listings are down 6% over the year.

Old listings rose 0.9% in May and were down by 36.3% over the year.

National house asking prices rose 18.9% over the year to 6 June 2022, while unit prices rose 16.7%.

The national residential property listings fell in May 2022 by 2.2% to reach 223,859 properties, down from 228,901 in April.

This is based on the figures released by the latest SQM Research.

The largest monthly falls in property listings were in Canberra, Adelaide, and Perth at 5.7%, 5.1% and 2.5%.

Compared to 12 months ago, listings fell by 9%, with large declines recorded in Brisbane, Adelaide and Canberra of 22.1%, 21.9% and 18%.

Total Listings

Total Property Listings 06 June

Nationally, new listings (less than 30 days) fell 5.9% over May 2022 to 74,902 properties on the market, to be down 6% over the year.

Hobart and Canberra recorded the most significant falls in new listings for the month, down by 28.2% and 10.6%.

Over the year, new listings rose the most in Hobart by 23.7% and fell the most in Canberra, Melbourne and Sydney by 19.6%, 14.1% and 13.6%.

New Listings 06 June

Source: SQM Research

On the other hand, property listings over 180 days rose by 0.9% in May 2022.

The capital cities of Sydney and Melbourne recorded significant increases of 9.6% and 6.2% respectively, while Hobart recorded a 13.3% increase.

A rise in old listings is normally suggestive of impending slower market conditions as vendors increasingly struggle to sell their properties in a reasonable time frame.

Old Listings Greater Than 180 Days 06 June

Listings fell during the month of May due in large part to the election with many sellers and buyers waiting on the market sidelines for the outcome.

A number of properties that were already listed struggled to sell over the month and that pushed up the counts of old listings – a phenomenon that happens during market slowdowns.

Going forward, expect a surge in new listings for this current month, even while we have now reached the quieter winter months.

Data from the latest SQM Research has recorded a surge in new auction listings, hence this view.

The overall outlook for the market remains unchanged in that I expect price falls of up to 8% this year for Melbourne and Sydney and low net single-digit growth for the other cities

Asking Prices

Over the month to 6 June 2022, national asking prices rose by 1.4% for houses and jumped by 1.6%% for units.

Over the year, strong growth in national asking house prices of 18.9% was posted while asking unit prices rose 16.7% over the year.

Sqm Research Weekly Asking Prices Index 06 June

Capital city asking house prices rose 0.6% over the month to 6 June 2022, while unit prices rose 0.3%.

Over the year, house asking prices in capital cities rose 16.9% and unit prices rose 7.1% over the year.

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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