The national residential property listings dropped in May 2021 by 6.3% to 245,953 from 262,617 in April 2021, and old stock is being cleared nationwide as the number of buyers outstrips sellers during this property boom.
The largest monthly falls in property listing were in Canberra, Melbourne, Brisbane, and Adelaide, as stock levels trend downwards, particularly in regional locations around Australia, which is putting pressure on asking property prices.
Compared to 12 months ago, listings fell 19.2% across the nation, with the biggest falls in Hobart, Adelaide, Canberra and Brisbane.
- Nationally, new listings (Less than 30 days) fell 4% over May, with 79,673 new properties added onto the market. New listings are up 54.1% over the year. Old listings dropped 9.2% in May and were down by 44% over the year.
- National asking house prices jump 2% over the year to 1 June 2021, while unit prices gain 6.6%.
- Nationally, new listings (Less than 30 days) fell 2.4% over May 2021 to 79,673 properties on the market, though they rose 54.1% over the year. New listings dropped the most in Canberra and Melbourne, down by 7.5% and 6.8%, respectively.
National residential property listings fell in May 2021 by 6.3% to 245,953 from 262,617 in Compared to 12 months ago, listings dropped 19.2%.
Perth and Darwin went against the trend and posted rises in new listings of 2.9% and 1.5%, respectively.
Over the year, new listings rose the most in Darwin, by 131.9%.
In a sign that older stock is clearing, property listings over 180 days dropped by 9.2% in May 2021 and they are down 44.0% over the year, with falls posted recorded in all capital cities, and particularly larger falls in the smaller capital cities.
Property listings fell in May due to strong market conditions.
We have also seen a big fall in old listings during the month, indicating that old stock is getting moved everywhere.
The downward trend in old listings suggests strong absorption rates, so new property listings are not completely offsetting the falls in old listings, indicating there are more buyers than sellers in the market, which is fuelling the property boom.
“This is contributing to strong growth in asking prices, particularly in regional and coastal locations, such as the NSW Mid North Coast and on the Gold Coast.
The trend is also pronounced in the inland regions, such as the Murray Region.
With low-interest rates set to remain over 2021, and many households awash with cash as the jobless rate continues to fall, we expect to see sustained gains in house prices over the remainder of the year.
Over the month to 1 June 2021, national asking prices rose by 1.7% for houses but fell 0.2% for units.
Asking unit prices rose 6.6%, pushed up by rises in the smaller capital cities and regional locations, with an oversupply of units in Sydney contributing to an annual full-in asking prices and minimal growth in Melbourne.
Capital city asking house prices rose just 0.4% over the month to 1 June, while unit prices slipped 0.4%.
Over the year, unit asking prices in capital cities have fallen 2.1%, reflecting falls in asking prices for Sydney units of 5.1%, as oversupply swamps the market.
Capital city house prices rose 5.3% over the year.
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