Property listings saw a rise in June, led by a big push by Brisbane, while asking prices have taken a hit, new SQM data shows.
Data collected by SQM Research shows dwelling listings rose by 1.9 per cent to 331,407 listings over the month of June.
Buyers in Sydney and particularly Brisbane should be happy as stock rose the most in these capital cities, with rises of 3 per cent and 3.8 per cent recorded, opening up a variety of properties to choose from.
Meanwhile, Hobart was the only capital city to record a decline of 0.1 of a percentage point, but is down 25.8 per cent for the year.
With greater overall supply however, properties are selling for less, according to Louis Cristopher, managing director of SQM Research, as the capital city average asking price for houses declined by 1.4 per cent to $962,600, but unit asking prices saw a slight rise by 0.2 of a percentage point up to $580,000.
“We are seeing more property being listed in Sydney and Melbourne compared to a year ago, which is pushing down asking house prices in both cities. Even in Hobart, price growth has slowed despite the ongoing shortage of properties for sale there,” Mr Christopher said.
As Hobart’s stock declined, it saw its asking price for houses rise for over the month by 2.4 per cent to $488,600, the highest percentage increase for the month. Following Hobart was Canberra with a rise of 1.9 per cent to $881,7000, then Brisbane with a rise of 0.6 of a percentage point to $617,000.
Meanwhile, Sydney saw the largest percentage asking price for houses declined by 1.4 per cent to $1,348,5000, followed by Melbourne with a decline by 1.3 per cent to $990,800, and thenwith a decline of 1.1 per cent to $675,000.
With the overall rise of 0.2 of a percentage point, the capital cities with the highest percentage increase over the last month for asking price was Melbourne, which rose 0.7 of a percentage point to $545,8000. Following this was Sydney at 0.2 of a percentage point, the only other unit rise.
Despite its comparatively big rise for house asking prices, Hobart’s asking unit prices were the biggest decline out of all the capital cities, down 3 per cent to $296,9000. Following this Canberra at 1.3 per cent to $406,100, Darwin at a decline of 0.5 per cent to $375,000, Adelaide at a decline of 0.5 per cent to $300,8000, Perth at a decline of 0.4 of a percentage point to $397,1000 and Brisbane at a decline of 0.1 of a percentage point to $381,4000.