Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Tuesday, 7 March 2017

Stock levels still down over the year

Listings picking up

Stock listings picked up strongly in February, particularly in Canberra, Sydney, and Melbourne, following the usual January lull, according to SQM Research

Despite this - and before we all get too excited - listings nationally were still 5.1 per cent lower than a year ago at 336,604, down from 354,633 in February 2016.

Indeed, listings remain lower year-on-year in Hobart (-13.4 per cent), Melbourne (-9.7 per cent), Adelaide (-4.8 per cent), and Sydney (-0.7 per cent).  

Looking at the absolute number of listings by capital city, we can see that listings in Sydney remain low, with the Greater Sydney population now surpassing 5 million. 

In many respects Hobart is the tightest market right now, and this is being reflected in sharply rising prices in the Tasmanian capital after a decade of stagnation. 

While some indices now show only a moderate deterioration in prices in Perth and Darwin, SQM's Asking Price Index still has prices distinctly lower year-on-year in both of these cities. 

In Darwin's case stock on market seems to have stabilised, but it still feels as though Perth has a tough period to work through on many metrics. 

Elsewhere there has been a veritable tsunami of media opinion and suggestions about 'the housing market' and what should be done, ranging from the quite sensible to the bizarre.