This article is from the Australian Property Journal archive
NATIONAL property listings fell over the across the country in June as the auction market wound back for the start of winter, but an uplift is expected in the coming months as interest rates head further into historically low territory.
SQM Research data showed all states saw a decline, with Melbourne and Sydney experiencing the highest dips at 10.8% and 10.7% respectively.
Hobart was not far behind with a 9.4% drop, followed by Canberra with 9.0% decline. Darwin recorded the lowest decline at 1.3%.
National listings declined by 5.8% to 325,404, to be down 1.8% year-on-year.
“It is not unusual for listings to decrease in June, the start of the colder winter months. Also, with falling house prices in recent months, most vendors have preferred to wait and watch,” SQM Research managing director, Louis Christopher said.
Canberra has seen biggest annual increase in listings, of 12.5%, while Melbourne (5.7%) and Hobart (4.8%) were the only other capital to see an uplift,
Sydney’s listings are now 9.8% below this time last year. Perth is down by 4.9% and Darwin 4.8%, while modest falls have been seen in Adelaide (1.0%) and Brisbane (0.6%).
Christopher said the modest rise in asking prices in most cities could be a result of reduced stock levels and also increasing buyer confidence due to multiple factors including the Coalition victory, the RBA cash rate cut in June and the relaxation of mortgage lending rules by APRA.
“With further RBA rate cuts expected, we could see increases in property listings in coming months.”
Interest rates were cut to an historic low of 1% yesterday.
Capital city asking prices increased marginally by 0.4% for houses and 0.8% for units over the month to 2nd July 2019, for year-on-year declines of 5.4% and 3.1% respectively.
SQM Research data showed Sydney prices lifted by 1.0% for houses and 1.3% for units over the month, after two years of cooling prices, and Melbourne’s house prices were by 0.3%, while unit prices slipped 0.3%.
Perth, Adelaide and Hobart’s house and unit prices increased marginally over the month, led by Hobart’s 1.7%.
House prices fell in Canberra and Darwin, and were steady in Brisbane, while unit prices also lifted in Canberra and Brisbane.
| City | June 2018 Total | May 2019
Total |
June 2019 Total | Monthly change % | Yearly change % |
| Sydney | 34,863 | 35,196 | 31,431 | -10.7% | -9.8% |
| Melbourne | 33,926 | 40,163 | 35,843 | -10.8% | 5.7% |
| Brisbane | 31,830 | 33,085 | 31,628 | -4.4% | -0.6% |
| Perth | 27,144 | 27,194 | 25,807 | -5.1% | -4.9% |
| Adelaide | 16,663 | 17,408 | 16,504 | -5.2% | -1.0% |
| Canberra | 3,836 | 4,745 | 4,317 | -9.0% | 12.5% |
| Darwin | 2,109 | 2,038 | 2,012 | -1.3% | -4.6% |
| Hobart | 2,161 | 2,500 | 2,264 | -9.4% | 4.8% |
| National | 331,407 | 345,516 | 325,404 | -5.8% | -1.8% |
Source: SQM Research
