Rising Number of Homes Hit the Market
Residential listings across the country increased by 4.6 per cent for the month of February, as year-on-year listings along with ongoing falls in asking property prices continue to highlight the nation’s softening housing market.
Latest SQM figures show national residential listings increased to 343,190 for the month of February, up from 328,089 in January this year, a jump of 4.6 per cent.
While all states experienced an increase in listings, typical for this time of year emerging from the Christmas and New Year holiday period, Darwin's market was the only exception, down 0.8 per cent in February and down 1.6 per cent for the year.
Canberra recorded the highest increase in listings at 12.5 per cent, Sydney was in second rising 11.6 per cent and Melbourne 9.6 per cent.
SQM figures show Hobart's recorded the lowest monthly increase of 3.2 per cent.
Related: What Opportunities Exist In A Slowing Property Market?
When it comes to asking prices, Melbourne recorded the largest monthly decline of 2.3 per cent, while its unit prices dropped by 0.1 per cent for the month.
Nationally, capital city asking prices for units and houses declined by 0.5 per cent and 0.6 per cent respectively, for the month to 5 March 2019.
SQM figures show house prices are now $910,700 and unit asking prices are now $570,100.
As for year-on-year capital city asking prices, SQM recorded national declines of 5.9 per cent for houses, and 2.4 per cent for units.
Sydney’s 12-month decline is now 9.8 per cent for houses and 4.6 per cent for units.
And perhaps unsurprisingly, it’s Hobart which has continued to show the strongest growth for dwellings with a six per cent increase for houses and 11.5 per cent rise for units.
Canberra also experienced yearly growth with a 1.9 per cent increase in houses and 1.8 per cent increase in units.
