Even more sellers now in Sydney’s market

Even more sellers now in Sydney’s market

Posted on Tuesday, October 06 2015 at 12:05 PM

SQM Research reports that Sydney residential property listings rose 7.6 per cent during the month of September to stand at 23,533 listings.

Year on year, Sydney listings have
risen 11.1 per cent, suggesting there are now more residential property sellers
in the market than a year ago.

Nationally, the number of listed
properties climbed to 339,026 in September 2015, increasing 1.4 per cent from
August 2015, with the number of sale listings remaining largely unchanged to
this time last year. A monthly rise in sale listings for September was expected
due to the normal spring seasonality historically recorded at this time of
year.

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 22.1 per cent, with sale listings
climbing from 1,719 to 2,081. Sale listings in Perth increased from 20,401 this
time last year to 23,232 in August 2015, a total yearly growth of 16.3 per cent.

In contrast, year-on-year results
indicate that Melbourne and to a lesser extent Hobart experienced excessive
yearly falls. Melbourne recorded the biggest yearly change, with listings
falling by 16.9 per cent, reducing the number of properties for sale to 35,760.
Hobart also recorded yearly falls with records indicating a yearly change of
9.9 per cent.

Managing director of SQM Research
Louis Christopher says: “The Sydney surge in listings is another indicator
suggesting that the Sydney housing market’s slowing. Buyers should now find
there is a little more choice out there compared to earlier this year. Yet, I
note that asking prices are still higher. I suspect vendors are not quite
registering that conditions have changed somewhat since the white-hot market of
autumn.

“The Melbourne result is also interesting in that there was barely any
movement at all in listings in September and that stock for sale is well down
on this time last year. This is suggestive of a strong housing market that
isn’t slowing down at all.” 

Source: www.sqmresearch.com.au

While listings in Sydney surged,
asking prices for Sydney dwellings continued to climb over September, with a
total monthly rise of 1.6 per cent for houses and 0.9 per cent for units. The
median asking price for a unit has now reached $636,100, while the median house
asking price in Sydney is $1,143,300, 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 2.5 per cent for houses and 0.3 per cent for
units. Perth median asking prices continue to record yearly falls – in
particular asking prices for houses are down 5.3 per cent over the last 12 months
and 1.7 per cent for units.

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