Opportunities to buy in Sydney are much easier to come by than they were at this time last year, with figures showing a significant increase in listings in the year to July.
Figures released this week by SQM Research have revealed there were 25,577 residential listing in Sydney across July 2016, a 13.8% increase compared to July 2015.
Sydney was one of five capital cities to record a year-on-year increase in listings in the 12 months to July, however nationally listings fell 0.4% over the year.
After Sydney, Brisbane saw the largest increase, with listings up 7.1% in the year to July, while Perth
saw an annual increase of 6.1%.
Listings also increased over the year in Adelaide
by 4.7% and in Darwin
At the other end of the spectrum, Hobart saw the largest yearly fall, with listings over July 2016 in the Tasmanian capital down 9.9% compared to July 2015.
Smaller yearly falls were also recorded in Melbourne, where listings fell 1.3% year-on-year and in Canberra where they fell 0.6%.
In month-on-month terms, Sydney was also home to the largest increase, with listings up 3% in July compared to June,.
Darwin and Brisbane saw listings rise 2.7% and 2.3% respectively over the month, while Hobart was the only city to record a monthly fall, with listings down 0.6%.
Nationally, listings rose 0.9% in July.
Source: SQM Research
While Sydney has seen significant short and long-term increases in listings, Louis Christopher, head of SQM Research still believes it is a relatively strong market.
“Listings and asking prices for the national residential property market still suggest a mixed picture with Melbourne and to a lesser extent Sydney, recording buoyant markets, while other cities recording a weaker market environment,” Christopher said.
The continued strength of the two markets may please those who have bought in them recently, but Christopher also said it could act as a double-edged sword, especially after interest rates fell this week.
“Going forward, the market is likely to rally further given [Tuesday’s] rate cut decision,” he said.
“There is a possibility now that Melbourne dwelling prices could accelerate from an already heated rate of growth. And if Sydney were to also accelerate I think we could see APRA stepping into the market once again as early as fourth quarter this year.”
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out