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Australia’s housing market has seen a bounce in October with all capital cities recording increases in property listings over the month, led by Melbourne.
As Covid related restrictions started to ease, Melbourne recorded a 26.7 per cent surge in October with 9,286 more properties hitting the market than September.
The SQM figures show that all capital cities recorded increases in property listings over the month.
National residential property listings lifted 6.5 per cent in October to 308,413 from 289,566 listings in September.
“It seems like we are moving back to the usual spring selling season with all capital city listings rising in October,” Managing Director of SQM Research Louis Christopher said.
“Melbourne, in particular, has bounced back in a big way after the relaxing of Stage 4 restrictions. In fact, we are expecting another big rise in listings during the month of November for Melbourne.”
A rise in new home loans and recent property price figures showing values are holding add to the momentum of the central bank’s historic Tuesday cut to the cash rate, now 0.1 per cent.
Historically cuts to interest rates have fuelled housing market activity and generally put upwards pressure on dwelling prices.
Total property listings
| City | Oct 2019 | Sep 2020 | Oct 2020 | Monthly Change | Yearly Change |
|---|---|---|---|---|---|
| Sydney | 29,977 | 31,429 | 34,061 | 8.4% | 13.6% |
| Melbourne | 36,122 | 34,771 | 44,057 | 26.7% | 22% |
| Brisbane | 31,101 | 28,883 | 30,213 | 4.6% | -2.9% |
| Perth | 24,368 | 22,272 | 23,203 | 4.2% | -4.8% |
| Adelaide | 16,369 | 14,062 | 14,691 | 4.5% | -10.3% |
| Canberra | 4,529 | 3,844 | 4167 | 8.4% | -8% |
| Darwin | 1,921 | 1441 | 1450 | 0.6% | -24.5% |
| Hobart | 2,138 | 1737 | 1879 | 8.2% | -12.1% |
| National | 318,874 | 289,566 | 308,413 | 6.5% | -3.3% |
^ SQM Research
Sydney and Canberra each posted large increases of 8.4 per cent. Hobart posted an 8.2 per cent increase.
Brisbane recorded a 4.6 increase, Adelaide 4.5 per cent and Perth 4.2 per cent.
The figures show Darwin recorded the smallest increase of 0.6 per cent.
The SQM figures show that listings are down by 3.3 per cent compared to 12 months ago.
Average asking prices are now $563,900 for units and $989,100 for houses, an increase of 1.8 per cent for houses and 0.1 per cent for units over the month to 3 November.
SQM notes that over the month, most capital cities recorded marginal asking price increases in houses and units.
After the lifting of Covid-19 restrictions, SQM notes that Melbourne is recording a rebound with increases in both house and unit asking, up 0.4 per cent for houses, and asking prices for units up 1 per cent over the period.
