SQM Research has released figures showing residential property listings have increased over the month by two per cent, but there is a long way to go to match last year’s figures.
Figures released today by SQM Research reveal national residential property listings increased in October by 2.0 per cent, up from 312,754 in September 2019 to 318,874.
Compared to 12 months ago, listings were down by 4.8 per cent.
All states experienced an increase in property sales listings over the month except for Darwin which experienced a decrease of 2.4 per cent.
Sydney experienced the highest increase of 4.2 per cent.
Overall, listings are down in Sydney by 19 per cent when compared to October 2018.
Canberra’s October sales listings was not far behind with a 4.1per cent increase.
Melbourne, Brisbane and Perth’s October increases of 3.7 per cent, 1.9 per cent and 2.7 per cent respectively, also showed a good year-on-year turnaround for sales listings.
Hobart had a marginal increase of 0.8 per cent over the month.
Capital city listings overall rose for October, which is a fairly normal phenomena during the spring selling season.
Sydney and Melbourne have larger counts of new listings compared to this time last year, which should please real estate agents.
Agent Nick Duchatel of Belle Property Dee Why, who services the Northern Beaches of Sydney, agreed the market had a long way to go before it equalled the numbers of last year.
“I definitely think there are alot less listings than last year,” said Mr Duchatel.
“There have been minimal listing at any price point, often less than a handful.
“What goes to auction sells really quickly.
Mr Duchatel said, however, he has had a large number of enquiries which could see a busy start to 2020.
“A lot of people want to sell but we are running in to Christmas, so January and February are going to be huge.”
Mr Duchatel said he already had a large number of listing ready to go in January.
Asking Prices
Capital City average asking prices decreased marginally by 0.7 per cent for houses but increased 0.3 per cent for units, over the month to 29 October 2019.
House asking prices are now $935,400 and units $570,100.
Compared to a year ago, the capital city asking prices posted declines of 0.8 per cent for both houses and units.
Over the month, Melbourne, Canberra and Darwin recorded decreases in both houses and units, with Darwin showing a large decrease of 8.6 per cent in unit asking prices.
Year-on-year Darwin’s unit prices also decreased 13.5 per cent.
Brisbane, Adelaide and Hobart recorded increases in both houses and units with strongest growth occurring in Hobart’s unit market with a 4.8% increase.
Sydney’s median asking price for houses had decreased by 1.6 per cent but there was a 0.7 per cent increase for units.
Median price for houses is now $1,283.9m in Sydney.
Melbourne’s current median house price of $955.6k for houses, stills sits below its $1.008m high in April 2018.
Brisbane’s median house price increased by 0.8 per cent over the month and continues to peak from 2009, now sitting at $631.8k.
article by therealestateconversation.com.au