Winter listings continue to be absorbed

Stock absorption

Unusually for this time of year, listings increased in July according to CoreLogic.

That said, over the past week the surge did not continue.

Source: CoreLogic

Stock is still being absorbed, and total listings remain -26.7 per cent below their 5-year average. So the market is relatively tight.

Rents increased for a 35th consecutive month, but there are signs that the pace of growth in rents is now moderating. 

SQM listings

Separately, SQM Research released its listings figures which showed total listings falling -4.4 per cent in July, to be lower than a year earlier.

Source: SQM Research

Listings were significantly lower year-on-year in each of the largest capital cities, with distressed listings falling to the lowest level in years on the SQM data series. 

SQM's media release is here.

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Westpac's latest consumer sentiment figures showed ongoing gloom for consumers, though interest rate expectations have eased, and the index for house price expectations is now 55.7 per cent higher than a year ago (when Westpac was forecasting 18 per cent price declines for Sydney and Melbourne). 

Source: Westpac

Australia's 3-year bond yield has eased to around 3.7 per cent as interest rate expectations peak.