Listings Leap Ahead of Spring Selling Season
Key Points
Total Listings
Australian total housing listings for August 2024 recorded significant increases across most major cities, according to the latest data from SQM Research.
National residential property listings rose by 7.9%, bringing the total to 249,523 properties. The data reveals substantial shifts in property listings across various cities.
Year on year, total national property listings are up by 11.1%
Sydney experienced the most significant monthly increase, with listings rising by 14.7%, bringing the total to 33,790 residential properties for sale. This is a considerable jump from 2023 levels, marking a yearly increase of 20.2%. Melbourne also recorded a notable monthly increase of 12.2%, with total listings climbing to 41,729. Melbourne continues to reveal very large yearly listing increases, with a 22.8% rise in properties for sale compared to August 2023.
Perth had a 10.6% monthly increase in listings, reaching 13,078 properties. However, it remains the only city with a significant yearly decrease, dropping by 21.6% from August 2023.
Canberra and Adelaide showed solid monthly growth in listings, with increases of 10.7% and 9.1% respectively. Canberra, in particular, experienced the largest yearly increase of all major cities at 31.7%, with listings rising to 4,241 properties.
Brisbane reported a moderate monthly increase of 7.3%, bringing the total to 18,224 listings, while Hobart saw a smaller increase of 4.1%. Darwin had a relatively flat growth, with listings rising only by 0.7% monthly, but it recorded a yearly decrease of -5.8%, making it one of the few cities with a decline.
New?Listings
Nationally , new listings (less than 30 days) recorded an 11.8% increase in August 2024, reaching 73,665 properties, up from 65,863 in July 2024. This upward trend was evident in several key markets. Compared to August 2023, there has been an 8.5% rise in new listings across the country.
Melbourne led the monthly growth, with a 25.4% increase in new listings, followed closely by Sydney, which had a 24.7% rise. Sydney’s new listings counts were the highest recorded since November 2021 and were the highest levels for a month of August, ever recorded by SQM Research. Canberra also experienced significant growth, with a 16.6% increase, while Perth and Adelaide recorded increases of 10.9% and 9.5%, respectively. Brisbane recorded a modest 2.4% rise in new listings. On the contrary, Hobart and Darwin experienced declines, with Hobart down by 3.7% and Darwin by a significant 21.3%.
On an annual basis, Melbourne showed the most substantial rises, with a 20.6% increase in new listings. Sydney followed with an 18.3% rise, and Canberra recorded an 11.9% increase. Brisbane also recorded a surge, with a 13.0% increase, and Hobart saw a 6.6% rise. However, Perth and Adelaide reported annual declines of 7.7% and 3.8%, respectively, while Darwin experienced a notable yearly decrease of 28.6%.
Old Listings
In August 2024, older listings (properties listed for over 180 days) recorded an 8.4% increase over the past month, totalling 72,084 properties. Most cities saw an uptick in older stock during the month, with Canberra leading the charge with a 10.1% increase, followed closely by Hobart with a 14.1% rise, and Sydney with an 8.7% increase.
Despite these monthly increases, there were notable yearly changes. Brisbane experienced a significant -24.9% decline in older listings compared to August 2023, and Perth saw an even more dramatic yearly decrease of -53.4% in older listings, indicating a substantial reduction in long-term unsold properties. Adelaide also reported a yearly decline of -14.0%.
Overall, the national trend indicates a 14.9% increase in older property listings over the past year, reflecting a mix of market dynamics across different cities. The increase in older listings in several cities might suggest a cooling in certain segments of the market, where properties are taking longer to sell. However, significant declines in cities like Perth and Brisbane indicate a reduction in older stock, potentially due to successful sales or market adjustments.
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Distressed?Listings
As per SQM Research's August 2024 report, the number of residential properties sold under distressed conditions in Australia slightly increased to 5,123, reflecting a 1.0% rise from the previous month. The state-by-state data reveals notable differences.
NSW recorded a 1.6% increase in distressed listings, while VIC saw a slightly higher rise of 2.4%. QLD experienced a modest -2.3% decline, and WA had a 4.4% increase. SA observed a 2.0% rise, whereas the ACT remained stable with no change in distressed listings. NT reported a -1.7% decrease, while TAS had the largest monthly increase at 9.4%.
For the 12-months period, NSW and VIC saw increases of 13.0% and 26.0%, respectively. In contrast, QLD, WA, and SA witnessed declines of -13.7%, -16.5%, and -19.0%. The ACT experienced a significant 61.1% increase, while TAS saw a 34.7% rise, and NT had a slight yearly increase of 1.7%.
Asking Prices
On a national level, the asking prices are increasing slightly. Houses are up by 0.3%, and units by 0.4%. The combined national change is a modest 0.3%. The average asking price across all capital cities shows a 0.6% increase. Still, there was a 0.2% drop-in unit prices, balanced out by a 0.7% increase in house prices.
For the month of August Sydney recorded steady asking prices. House asking prices were steady, with a slight 0.3% decline for units. Melbourne's asking prices were also steady. The asking prices for houses increased by 0.1% over the month, while units fell by -0.3%.
In contrast, Brisbane stood out with a 2.3% increase in asking prices for houses.
Perth's housing market is continuing to record significant growth, with a 2.8% increase for houses and 0.5% for units. The overall combined increase for Perth is 2.5%, reflecting robust demand. Adelaide is another city with a notable increase, particularly in houses, which rose by 2.1% over the month. The combined change for the city is 2.0%.
Canberra’s housing market is under pressure, with a significant -2.6% drop in house prices. The combined asking price has decreased by 1.9%, marking one of the largest declines among the capitals. Hobart presents a mixed picture with a small increase of 0.8% in house prices, while unit prices dropped significantly by 2.8%.
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Louis Christopher, Managing Director of SQM Research said:
“The housing markets in Sydney and Melbourne continue to slow, driven by some caution from home buyers and uncertainty by home sellers who have become a little more negotiable in recent weeks.
Going forward, the Spring selling season will provide a significant level of choice for buyers, particularly in Sydney and Melbourne with listings at their highest levels in some years.”
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