Property listings down, asking prices up over October

Following this was Darwin at 2.6 per cent to 2,162, Hobart at 1.8 per cent to 2,337, Brisbane at 1.4 per cent to 30,719, and Perth at 1 per cent to 25,306.

Meanwhile, Canberra saw the largest rise with 5.3 per cent to 3,752, Sydney with 2.8 per cent to 31,296, and Adelaide with 2.6 per cent to 16,331.

According to Louis Christopher, managing director of SQM Research, seeing a decline of listings in October was typical.

“The initial September spring surge in listings has run its course. A second surge in November usually occurs prior to the market closing for the year, and so, we expect listings to rise again next month,” he said.

“Overall, the numbers are slightly positive. There is no evidence of any major correction in any city, however the large year-on-year rises in Sydney are demonstrating a downturn.”

Asking prices

On average, all houses and units Australia-wide saw a rise in asking prices in October, rising 0.7 per cent and 0.2 per cent respectively. Of all the capital cities, there was a 1 per cent rise in houses while units remained flat.

Asking prices for October rose for all houses and fell for all units in Sydney (from 0.3 to 0.2 per cent), Brisbane (from 0.8 to 0.3 per cent), Adelaide (from 0.4 to 0.2 per cent), Canberra (from 1.6 to 0.2 per cent) and Darwin (from 0.1 to 0.4 per cent).

In the other capital cities, rises for both houses and units were recorded. In Melbourne, houses rose 1.7 per cent and units rose 1.3 per cent, Perth saw houses rise 1.2 per cent and 0.4 per cent, and Hobart saw houses rise 1.4 per cent and units rise a large 10.2 per cent.

Melbourne saw rises for both, at 1.7 per cent and 1.3 per cent respectively.