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Tuesday, 6 February 2018

Hobart a buyer's nightmare

Hobart hurricane

National residential listings fell by -4.8 per cent to 303,901 in January, as sellers enjoyed the sunshine and trotting off on their summer hols, according to SQM Research. 

The monthly drop was driven by Melbourne (-13.9 per cent) and Sydney (-6.9 per cent). 

Despite the monthly decline, Sydney's listings at 26,150 are at the highest level since January 2009, being some +20.9 per cent higher than a year earlier.

For the first time in nearly half a decade, Sydney buyers will actually have some choice!

At the other end of the spectrum Melbourne listings are -11.9 per cent lower year-on-year, while Hobart listings have copped an absolute shellacking. 

Hobart's housing market is now a buyer's nightmare with just 2,362 listings across the metropolitan area being some -29.1 per cent down from January 2017. 

More strong price gains ahead for Hobart housing this year, then. 

In most other capital city markets stock listings were relatively flat from a year ago.

Reported SQM:

"Looking forward, with interest rates still at low levels and a possible expansion in lending by the banks, we expect a year of modest prices gains in Sydney and most other capital cities."

Interestingly SQM is quite positive for Sydney's prospects in 2018, certainly more so than most other commentators.