SQM have their latest national property figures out, with a headline decrease in listings of 4% in November and a year on year decline of nearly 13%
All capital cities recorded decreases in property listings over the month with the exception of Melbourne which recorded an increase of 1.2% in listings.
Darwin, Sydney and Hobart posted the largest decreases of 6.7%, 6.4% and 6.1% respectively.
Brisbanerecorded a 3.8% decrease, Adelaide 3.0% and Canberra 3.2%. Perth recorded the lowest decrease of 2.4%.
National year-on-year listings reveal a decrease of 12.6% with significant decreases in Darwin (28.2%) and Hobart (26.1%) andAdelaide (21.5%). Sydney recorded a smaller decrease of 0.7%. Melbourne however, recorded a large increase of 11.5%.Stock on Market Table
New Listings (30 days)
Nationally, new listings(30 days) increased by a 0.48% over the course of November with 381 more properties on the market. Darwin’snew listings increased by a significant 27.3%.Melbournenew listings increased by 4.1%. Sydneywas the only capital city that recorded a decline in new listings.
Commentary
There was a surprise decline in total listings for the month, which was predominantly driven by a decline in old listings. The fall in old listings tells me stock is being absorbed at a quicker rate than levels recorded earlier this year. It is a yet another signal that buyer activity is on the rise.
Asking Prices
Capital City Average asking prices decreased 0.1% for houses but increased 0.3% for units over the month to 1st December. Average asking prices are now $565,800 for units and $988,500 for houses.
Compared to a year ago, the capital city asking prices posted an increase of 4.2% for houses but declined by 1.2% for units.
Over the month, Adelaide, Canberra and Darwin were the only capital cities to record asking price increases in both houses and units.
Sydney continues to record a decline in unit asking prices of 0.3% but recorded an increase of 1.6% for houses over the month.
Melbourne posted increases in unit asking prices of 1.4% but a 1.1% decline in house asking prices.
Perth and Hobart recorded declines in both house and unit prices over the month, 1.2% and 0.1% respectively for Perth, and Hobart declined 0.9% for houses and 1.4% for units.
Year on year, most capital cities recorded increases in house and unit asking prices with a significant increase of 19.2% in Hobart’s unit asking price. Darwin’s unit prices also increased by 13.4%. Sydney’s unit prices declined 5.2% over the 12 months but house prices increased 5.5%.
AUCTION RESULTS for week ending 29 November 2020
Full individual auction results can be found on our website:
*The above counts of auctions represent most recent known auction dates for the coming week. ^As at 18-Oct-20, Melbourne outdoor auctions will be allowed (max. 10 people)
