Property listings are shrinking

By Gerv Tacadena | 06 Jul 2020

The number of homes up for grabs declined on a national level in June, with capital cities clocking significant declines, according to the latest report from SQM Research.

Property listings decreased by 1% monthly and 7.5% annually in June. Five capital cities experienced drops in property listings over the month except for Melbourne and Perth, while Brisbane remained steady.

Hobart recorded the sharpest monthly drop at 7.5%, followed by Canberra at 5.7% and Darwin at 5.3%. On an annual basis, Darwin registered the most significant decline at 22.2%.

The table below shows the listings in each capital city for the month:

Property listings dropped in June 2020, with five of the state capitals reporting declines

Despite the fall in total listings, it appears like new listings have gone up in the month, said Louis Christopher, managing director at SQM Research.

“We have more new listings on the market compared to this time last year. Listings that were coming up to 90 days dropped the most, indicating that some of the older stock had either been withdrawn or was selling during June,” he said.

Christopher said while the decline in listings is not unusual for the month of June, the monthly fall in vendor asking prices is “far from normal.”

Even with the lower supply of homes, asking prices declined by 0.8% for houses and 0.4% for units on a monthly basis. In annual terms, however, asking prices rose by 8.8% for houses and 1.3% for units.

Top Suburbs : wentworthville , whyalla , werribee , homebush , coorparoo

SHARE

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 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 an appointment is free.

 
How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here