With homeowners taking a break and enjoying summer holidays, national property listings declined in January 2018 by 4.8% to 303,901, according to data from SQM Research.
Melbourne led the decline in listings with 13.9%, followed by Sydney with 6.9%. Stock levels in Brisbane and Melbourne significantly declined from a year ago, by 11.9% and 29.1%, respectively, indicating a large scarcity of homes for sale in those areas. However, listing increased by 20.9% in Sydney compared to a year ago, a sign of a significant rise in homes that are for sale.
Listings in Canberra dropped 6.2% and declined by 5.8% in Adelaide. The stock on market in Brisbane dropped by 3.9%, by 2.1% in Perth and 1.3% in Darwin. Listings in Hobart dropped 2.6% over January.
National Residential Property Listings Decline in January 2018
The decline didn’t come as a surprise since January is normally is the slowest month of the year for listings in most areas as people go off to their summer holidays. However, Sydney listings are much higher year on year.
Modern price gains in Sydney and most other capital cities are expected going forward, since interest rates remain low and the likely expansion of lendings by banks.
As for auction clearance rate results and the asking prices over the rest of February provides some excellent understanding of how the market was launched. Asking prices recorded a major increase in January, but it was due to a lower number of listings, so it would be prudent not to read too much into it at this point.
For the month until January 30, capital city asking prices were up 2.2% for houses and 3.0% for units. Sydney posted the biggest monthly increase, with house asking prices rising 4.5% and unit asking prices increasing 4.2%.
Prices were highest in Melbourne year on year, with housing asking prices increasing 24.1% and 11.9% for units. Increases were high too in Hobart, with asking unit prices growing 8.9% and 6.3% for houses.
Darwin recorded the only decline in house prices due to the mining slowdown that continues to affect the real estate markets in the region. In Perth, asking prices increase 2.2% for houses year on year, as it recovers from the slump.
Interested to know the changes in your suburb? Ask Annette or book a 15 minute appointment for more information about your home.