Sydney property market listings dropped back by 5 per cent in January according to data from both CoreLogic-RP Data and SQM Research, probably reflecting a little apprehension as to how the market in 2016 will unfold.
Melbourne still has the highest number of listings, but according to SQM the total for the Victorian capital is now below the 5 year average for this time of year, suggesting that Melbourne could be in for yet another decent year ahead, thereby confounding the critics.
While the absolute numbers remain small, Darwin listings have continued to rise, while rents have taken a nosedive, and vacancy rates have rocketed north.
By the time the Ichthys LNG largesse winds up, Darwin will likely have have experienced a material housing market correction (in my opinion, at any rate).
The Sydney figures implied that units may be set to outperform houses as affordability constraints bite, with asking prices for houses (+8.5 per cent year-on-year) now lagging asking prices for units (+11.7 per cent).
That said, there are obviously siginifcantly diverging trends within the Sydney market, with some sectors set to far worse than others.
Read SQM's equable media release here.