Modest rise in property listings
The latest figures from SQM Research reveal a slight rise in the level of residential property listings during October.
SQM Research reported that national stock levels rose by 1.5 per cent, with a total of 347,056.
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While it is only a modest rise, when compared to the same period last year, stock is being absorbed at a much faster rate during 2013.
Canberra and Sydney experienced the greatest surge in stock during October, recording increases of 5.9 per cent and 4.7 per cent respectively.
However, Sydney’s year-on-year comparisons continue to record staggering decreases, with the stock levels dropping by 17.3 per cent since October 2012.
Darwin has recorded a 13.4 per cent yearly increase, which is in line with SQM Research’s forecast that the city will experience a slowdown in property prices in 2014.
Louis Christopher, managing director of SQM Research, said “October has recorded a fairly benign increase in real estate listings, which was similar in magnitude to the increase recorded this time last year. Increases in listings during the spring months tend to be part of the normal seasonality of the residential property market.
“To this end, there has been nothing too abnormal in the results other than what now seems to be a continued upwards trend in supply for the Darwin housing market, which suggests to me a forthcoming slowdown in that city. Hobart, on the other hand, is now providing a signal that there is a bottom in the market there, after nearly three years of dwelling price falls."
Mr Christopher said he expected a lift in listings for November for most cities, as is normally the case for this time of year.