Figures released by SQM Research reveal annual national residential property listings have reduced while asking prices have increased significantly.
Property listings across Australia have reduced markedly since last year, although the past month has seen a marginal increase of 0.2 per cent.
Sydney, Melbourne and Canberra were the only capital cities to experience increases in property listings over the month with the largest increase in Melbourne of 10.0 per cent, followed very closely by Sydney with a 9.9 per cent increase.
Canberra had a smaller 3.8 per cent increase in listings.
All other capitali cities showed a decline in property listings.
At a Glance:
SQM's Managing Director Louis Christoper told WILLIAMS MEDIA no particular region has stood out through this decline.
"Overall Sydney has experienced the largest year on year decline," said Mr Christopher.
"Followed by Darwin."
Sydney has recorded a decline of 26 per cent, while Darwin showed 25.7 per cent compared to the same time last year.
SQM Research Property Listings. Source: SQM
The month of February traditionally records a rise in properties listed for sale as the new year is well underway.
This was clear in Sydney, Melbourne and Canberra whereby new listings skyrocketed by over 60 per cent compared to January.
"We believe the primary reason for the declines is that there has been an increase in absorption rates which have meant that older stock has sold at a greater rate," said Mr Christopher.
"There have been many more buyers in the market compared to this time last year and those buyers have been buying more stock at a quicker rate than the market can resupply with new stock."
Asking Prices
Capital City asking prices decreased by 0.7 per cent for units and increased 0.7 per cent for houses, over the month to 3rd March 2020.
Unit asking prices are now at $573,700 and houses $983,900.
Compared to a year ago, with the amount of stock on the market, the capital city asking prices posted increases of 8.3 per cent for houses and 0.4 per cent increase for units.
Over the month, Brisbane and Hobart both recorded increases in both house and unit prices. Hobart showing a significant 6.4 per cent increase in unit prices over the month.
Sydney saw an increase of 1.3 per cent for houses and decrease of 1.6 per cent for unit prices over the month, whereas Melbourne, Adelaide, Canberra and Darwin experienced decreases in house prices and increases in unit prices.
Melbourne decreased 0.4 per cent in house prices and increased 0.8 per cent in unit prices; Adelaide, 0.2 per cent decrease in house prices and 0.6 per cent increase in unit prices.
Darwin’s unit market has turned around from a 20.5 per cent decrease 12 months ago to a 3.5 per cent increase over the month.
Perth was the only city to post declines in both, house and unit prices, 0.2 per cent for houses and 0.7 per cent for unit prices.
A year ago, Perth’s asking prices for houses and units also experienced a decline of 2.2 per cent for houses and 3.8 per cent for units.
Year on year, Sydney’s asking price for houses showed an increase of 10.3 per cent and 0.2 per cent increase for units.
Melbourne’s house price experienced an increase of 8.0 per cent a year ago but now has falls of 0.4 per cent.
For more information on Louis Christopher's report click here.
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