Temperatures continue to drop and so do property listings

The number of Australian residential property sale listings fell in most capital cities during the month of June 2016, excluding Brisbane and Perth, where sale listings slightly rose.

National residential property listings fell during the month of June 2016 to 345,058 decreasing 1.5% from May 2016.

The year on year results indicate that national sales listings are up 2.5% compared to this time last year (June 2015).

Notably, Canberra recorded the largest decline for June with property listings falling 5.6%. 

Hobart also recorded a 5.3% decline in listings for the month.

Hobart sale listings are now down 9.8 percentage points for the year, which SQM believes indicates a strengthening housing market in Tasmania.

In contrast, Sydney property listings are up 30.9% from this time last year (June 2015).

Median Asking Prices:

Source: www.sqmresearch.com.au

Year-on-year results reveal Melbourne median asking prices have risen 15.6% for houses and 6.4% for units compared to this time last year.

Brisbane has also experienced yearly changes, with median asking prices for houses climbing 5.8%, compared to just 0.8% for units. 

Meanwhile, median asking prices continue to fall in both Darwin and Perth.

According to SQM Research, the median asking price for a house in Darwin is $629,800, 6% lower than this time last year.

This is a fairly normal result for winter where, historically, property listings fall during the colder months.

The one abnormality is Sydney, where we’re recording a massive year on year rise of 30%.

If anything that just shows how frenzied the Sydney market was this time last year.

However, Sydney is not oversupplied with listings right now.

Rather, it is returning to more normal long term averages.

Key Points

• Total online national residential listings fell during June 2016 from 350,333 to 345,058. This figure represents a monthly decrease of 1.5% when compared to May 2016. 
• Canberra recorded the largest monthly fall in stock levels, decreasing by 5.6% during June 2016 to 3,207 properties.
• Hobart recorded the biggest yearly decline, with listings falling by 9.8%, reducing the number of properties for sale to 3,417.
• Sydney recorded the biggest yearly rise, with residential property listings climbing from 18,968 to 24,838.
• Melbourne median asking prices have risen 15.6% for houses and 6.4% for units compared to this time last year.
• The median asking price for a house in Darwin is $629,800, 6% lower than this time last year.