Residential property listings pull back from record high

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After reaching a record high in October, residential property listings in Australia took a step backward in November according to monthly figures from SQM Research.

Released yesterday, the figures show listings fell to 362,560 over November, a 0.3% decline from the October high of 363,653.

November was a mixed month across the individual capital cities, with an even split across in the number of cities who saw listing increase or decrease.

Adelaide led the way in increases with a 2.8% increase over the month, followed by Melbourne where listings rose 2.7%.

In Canberra, listings jumped 2.5%, while Hobart registered a slight increase of 0.1%.

Darwin saw the largest decrease over November, with listings falling 3.4%. Sydney’s 0.8% decline was the next largest.

Listings in Perth and Brisbane both fell by 0.4%.

Despite their monthly falls in November, Darwin and Sydney both still lead the way in terms of annual increases. The two cities saw listings rise by 11.4% and 11.8% respectively in the year to November.

Over the 12-month period, Perth has experienced the next most notable increase, with listings up 6.6%.

On the other side of the coin, Melbourne and Hobart’s monthly falls have mean their listings have fallen 7% and 9.1% respectively over the year.

The closest decrease to those two cities is Adelaide, where listings have fallen 4% over the year.

Source: SQM Research 
Louis Christopher, head of SQM Research, said the November figures were somewhat of a surprise and reveal Australia’s real estate market is experiencing mixed conditions.

“It is a little abnormal to record falls in listings during November as the annual spring selling season reaches a peak during this month,” Christopher said.

“Nevertheless we were expecting a pullback of sorts due to the massive surge in listings recorded in October. Overall I think it is a mixed property market and nothing released today has changed my view on this,” he said.

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