Listings rise sharply
SQM released its media update on new and total property listings for the month of July
here.
Listings increased by a significant 12.4 per cent in July as stock is selling slower, to be 22.8 per cent higher than a year earlier.
Only Hobart didn't seen an increase in listings over the past year., while the largest increase was seen in Melbourne (+42.8 per cent), as land taxes bite.
Brisbane also saw a large monthly increase in total properties for sale (+18 per cent):
The impact from the Budget on the top price quartile of the market has already been significant.
In July capital city asking prices for houses fell -1½ per cent, while unit prices were broadly flat (-0.2 per cent).
SQM Research highlighted Sydney's West, South West, and Hills District as areas where listings have surged to pr towards record highs (granted the west and south-west of the city have expanded hugely over the 16 years of available data).
Source: SQM Research
Listings in Sydney's Eastern Suburbs, Lower North Shore, and Inner West have not recorded any increases just yet.
Asking prices for houses in Sydney are down by -4.3 per cent over the past quarter, and units and apartments at the higher price points have also seen some significant price drops.
Source: SQM Research
In the rental market, asking rents continued to rise, for houses (+7.6 per cent over the year) and especially for units (+2.3 per cent over the quarter and +7.9 per cent over the year).
Source: SQM Research
SQM is recording an ongoing fall in the number of properties listed for rent, although July is typically a weaker month for rental market demand.
In Brisbane rental listings look set to break to all-time lows, while Hobart, Darwin, and Perth are all incredibly tight rental markets.
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