Property Listings Fall In August
By Louis Christopher on 12 Sep 2015
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Photo Source: sydneyaffairs.com
The number of Australian residential property sale listings fell in all capital cities during the month of August.
Nationally, the number of listed properties dropped to 333,923 in August 2015, decreasing 4.3% from July 2015, with the number of sale listings down 3.9% from a year earlier. A monthly fall in sale listings for August was expected due to abnormally high sale listings for the month of July 2015.
Year-on-year results indicate that Melbourne and Hobart experienced excessive yearly falls. Melbourne recorded the biggest yearly change, with listings falling by 20%, reducing the number of properties for sale to 35,474. Hobart soon followed with records indicating a yearly change of 12.6%.
Within the last 12 months sale listings for Darwin and to a lesser extent Perth have recorded high yearly growth. Darwin experienced a yearly growth of 10.0%, with sale listings climbing from 1,719 to 2,081. Sale listings in Perth increased from 21,116 this time last year to a 23,232 (August 2015), a total yearly growth of 10.0%.
It is another surprise result and a reversal of the surge in listings during July. Normally listings start to rise in August ahead of the spring selling season. We will wait until the September reading before drawing too many new conclusions on the market.
Asking prices for Sydney houses continued to climb over July, with a total monthly rise of 1.2% for houses and 0.7% for units. The median asking price for a unit has now reached $630,300, while the median house asking price in Sydney is $1,124,500, according to SQM Research.
In contrast, median asking house prices in Canberra recorded yearly falls with a year-on-year comparison showing a 12 month decline of 4.8% for houses, and 1.4% for units. Perth median asking prices continue to record yearly falls, in particular asking prices for houses are down 4.6% over the last 12 months, and 1.2% for unit.
Key Points
- Total online national residential listing fell during August 2015 to 333,923.
- This figure represents a fall of 3.9% when compared to the corresponding period of the previous year (August 2014).
- Brisbane recorded the largest monthly fall in stock levels, falling by 6.4% during August 2015 to 26,029.
- Melbourne recorded the biggest yearly change, with listings falling by 20%, reducing the number of properties for sale to 35,474.
- Median Sydney house asking prices continue to rise during July 2015, with the current asking price for a unit sitting at $630,300.
- Darwin recorded the smallest monthly change, with listings down 2.4%, decreasing the number of properties for sale to 2,081.
