Listings tighten
New listings declined in Sydney in November, and total listings were -6.4 per cent over the month as older stock began to be absorbed faster than new listings come to market, according to SQM Research.
In fact, of the capital cities only Melbourne has more listings than a year ago, at 44,594 - however, there are few concerns for Melbourne now, with open homes reportedly very busy.
Brisbane stock levels continued to decline, from 33,200 a year ago to 29,000 on SQM's figures.
As previously reported in our Risks & Opportunities Report, there has been an unexpected spike in migration to the Top End, with rental vacancies tightening and total listings dropping by 28 per cent from a year earlier.
Adelaide is also tightening on all fronts, both in terms of rental vacancies, and total listings, which were some 22 per cent lower than a year earlier.
National listings fell by 4 per cent in November, to be 13 per cent lower than in November a year ago.
Louis Christopher of SQM said:
'The fall in old listings tells me stock is being absorbed at a quicker rate than levels recorded earlier this year.
It is a yet another signal that buyer activity is on the rise.'
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The UK property boom continues, with price growth accelerating to 6.5 per cent year-on-year in November 2020, the fastest growth since January 2015.
The average house price increased to £229,721 as borrowers rush to get in before the stamp duty holiday ends next year.
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Fresh six-year highs for the iron ore spot price today, which is more heartening news for Australia (assuming we don't burn all China bridges, that is).
