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Tuesday, 4 July 2017

Hobart the tightest market

Listings up in June

Listings rose 3 per cent in June, driven mainly by a 7 per cent jump in Brisbane.

Higher listings in the month mirror recent softening auction trends, reported SQM Research. 

Over the year, listings are still 3.3 per cent lower, with Melbourne (-12.7 per cent) and Hobart (-14,8 per cent) recording excessive declines. 

Melbourne house prices have exploded

The Hobart market is very tight, with a total of only 2912 listings, sending rents and house prices higher. 

With the other exception of Melbourne, listings are generally higher this year than last.

Listings in Brisbane jumped by 7 per cent in June, as vendors struggle gamely to offload a glut of apartment stock. 

Meanwhile SQM reported that median asking prices in Melbourne have exploded, rising by 22 per cent over the year to June. 

Indeed, Melbourne asking prices for houses have increased by a massive 48 per cent over the past three years, now comfortably outstripping growth in all other capital cities, including house prices in Sydney at 39 per cent.