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%.
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%.
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.
- Also read:We’re in the middle of a rental crisis | Property Insiders [Video]
- Also read:17 Sydney suburbs that are cheaper now than 5 years ago
- Also read:Boom to bust: What makes property prices rise and fall
- Also read:Should you do anything about rising interest rates?
- Also read:Sydney and Melbourne suburbs more likely to hold their value
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.
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.
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.