Residential listings steady over March

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National residential property listings remained relatively stable during March, with only a slight fall recorded during the month.

According to figures released this week by SQM Research, there were 351,888 residential Vacancies during March, which represented a 0.8% fall over the month compared to February.

Canberra saw the largest movement of any capital city during March, with the nation’s capital recording a 6.1% decrease in listings.

Listings fell 1.5% in Hobart during March, while in Sydney they fell 1.3% and 0.4% in Melbourne.

Listings rose in all other capital cities during the month, with the largest increases seen in Darwin and Brisbane at 1.4% and 1% respectively.

In the 12 months to March, residential listings have declined 1.8%, with conditions in Hobart and Melbourne to thank for that.

Those two cities are the only markets to see falls in the year to March, with Hobart recording an 8.7% fall, while Melbourne recorded a fall of 4.6%.

On the other end of the spectrum, Sydney has by far seen the largest increase in listings over the past year.

Listings are up 14.7% in Sydney over the 12 months to March, while Darwin has seen the next largest increase, with listings up 5.9% in the past year.

Source: SQM Research

Louis Christopher, head of SQM Research said the Sydney and Darwin figures show sellers are on the rise in those two markets, even when accounting for seasonality.

“Sydney experienced a yearly rise of 14.7%, with residential property listings climbing from 22,123 to 25,372. Darwin also experienced yearly growth with sale listings up 5.9% based on a total 2,079 listings,” Christopher said.

 “These figures indicate that the number of property sellers in both residential markets has increased when adjusting for seasonality,” he said.

While Sydney and Darwin may be turning in favour for buyers, Christopher said the movements in Hobart and Canberra show the property markets in the two cities are continuing to recover.

“We note the decline in Canberra, which is yet more evidence the market there has now turned the corner,” he said.

“We also note the ongoing decline in listings in Hobart, which is also reflective of a recovery in the nation’s south.”

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