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Tuesday, 6 August 2013
Sydney listings plunge
SQM's research shows that online property listings are declining across most of Australia, but it's Sydney where the y/y change is most pronounced with a very significant drop (-17.0%).
As I've been predicting on this blog for the last couple of years, there is a severe amount of pressure on Sydney's inner-ring suburbs - now largely due to investor activity - which is applying upwards pressure to real estate prices.
Reports Property Observer:
"It's pretty clear that the Sydney trend is a far more pronounced than the national trend," SQM's Louis Christopher told Property Observer.
The biggest decrease in listings in Sydney was in the CBD where they fell 28.4% over the year. The lower north shore fell 26.2%, the northern beaches fell 26.4% and the eastern suburbs fell 25.3%.
Christopher says these decreases potentially point to a pick-up in the Australian housing market though it still believes the level of stock is elevated at a national level.
“It is becoming more and more evident that the housing market is beginning to pick up in this capital city [Sydney] and SQM Research believes that this will continue into the Spring selling season,” Christopher says.
Sydney is clearly experiencing a shortage of listings in the market, which is putting upward pressure on real estate prices. This is particularly the case in the inner ring where listings have fallen by approximately 25% over the past 12 months.”