Sydney stock absorbed
At the end of 2018 there were 32,738 property listings in Sydney, but by the end of 2019 this figure had declined to just 22,888 as buyers hoovered up stock.
There may have been some impact from the recent fires in New South Wales, although the aged stock figures showed listings of under 30 days were actually up from a year earlier.
Continuing the theme of the second half of 2019, listings were down by more than -30 per cent year-on-year in Sydney.
Canberra wasn't too far behind with listings down by -28 per cent, while Melbourne saw a -17 per cent decline.
Louis Christopher of SQM Research noted that fires in New South Wales, Canberra, and Victoria could impact listings over the coming months.
Asking prices up
There have been many accusations levelled against CoreLogic's reporting of a property price rebound since the election.
SQM also runs an asking price index as a leading indicator, with the capital city average asking prices summarised below.
The median asking price in Melbourne was the standout, increasing to a record high at over $1 million, though results elsewhere were mixed, and generally more modest.
Source: SQM Research
While Sydney unit prices have generally fared well over the preceding cycle, in Melbourne results have been far more mixed on a surge of new supply.
Sydney is maturing as a capital city and has entered a paradigm shift whereby an off-the-plan apartment priced at $140 million recently became the most expensive property in Australia for the first time.
Previously the title had always been reserved for prestige homes in the harbourside suburbs, but increasingly wealthy buyers are seeing the value in inner-city homes with views and great facilities.
