Listings, asking prices lift in March, research reveals

Melbourne listings jumped by 13.5 per cent while Sydney listings rose by 11.8 per cent from February.

Sydney’s listings were up by 23.2 per cent from a year earlier as home sellers attempted to exit from Sydney’s housing slowdown. Melbourne listings remained down by 6.3 per cent over the year, though a shortage of properties for sales has lessened in recent months.

Listings rose in Hobart by 7.8 per cent in March but were still down sharply, at 28.6 per cent, from a year earlier, with a shortage of properties for sale still prevailing in the city.

In Adelaide, listings were up by 7.6 per cent while Canberra listings increased by 6.3 per cent. In Brisbane, stock on market rose by 6.9 per cent in March while Perth listings rose by 7.1 per cent. Listings rose by 3.1 per cent in Darwin.

Managing director of SQM Research Louis Christopher said that the results speak for themselves.

“With the year now well underway, home owners are taking advantage of strong price gains over recent years to sell their properties before any correction in the property markets hurts the value of their homes,” the MD said.

“We also had a longer month in March compared to February, so we have seen a jump in property listings.”

Mr Christopher also said that the availability of stock has a direct impact on prices.

“In Melbourne, the shortage of properties for sale which has fed strong price growth over the past year appears to be easing, though property price growth remains strong, with asking house prices now back over $1 million.

“However, in Hobart, home seekers are still battling a deep shortfall of homes, with listings well down from a year ago.”

Asking prices

Capital city average asking prices rose by 1.2 per cent for houses, while unit asking prices fell by 0.2 per cent for the month to 3 April.

In Sydney, asking house prices were flat while asking unit prices slipped by 0.4 per cent. Over the year, house asking prices were up by just 2.3 per cent to $1.37 million as the property market cools in the city.

Hobart’s asking property prices are cooling, too, up by 6.5 per cent for houses over the year, down from 20 per cent plus gains a year earlier.

Melbourne asking prices for a house rose above $1 million, rising by 1.7 per cent for houses over the month, while unit prices were up by 0.3 per cent. Year-on-year, asking prices rose the most in Melbourne, with asking prices for houses up by 19.6 per cent and unit prices up by 14.3 per cent.

Canberra prices are gaining as well, with asking house prices up by 11.1 per cent over the year and asking unit prices up by 7.7 per cent.