Listings lull
Something Chris Bates has been discussing on the
Australian Property Podcast over recent weeks, is that buyers are likely to be disappointed if they're hanging out for a strong uptick in properties for sale this year.
SQM Research reported that total listings fell from 253,000 to 232,000 in June, driven by large declines across all of the capital cities except for Darwin.
It's not unusual to see a winter lull, of course.
Over the year, Perth, Adelaide, and Brisbane have experienced large declines in listings and prices have increased at a fast clip.
SQM reported that new listings also plunged by -13 per cent in June.
Overall, listings are a long way below the highs of above 375,000 seen back in 2011, despite the Aussie resident population increasing dramatically by almost 5 million over that time.
Source: SQM Research
Normally listings begin to pick up in the spring selling season, but buyers may prove to be disappointed this year.
Capital city asking prices rose +0.4 per cent for houses and +0.7 per cent for units in June, with capital city asking prices overall up +8.9 per cent over the year.
Economy slowing
In other news the NAB Survey showed an ongoing deterioration in business conditions.
Source: NAB Survey
And, importantly, there were renewed declines in price pressures.
Source: NAB Survey, Shane Oliver, AMP
Meanwhile, deteriorating job ads figures suggest that when the labour market turns the unemployment could rise quickly.
Interest rates are expected to fall in Canada, New Zealand, the US, UK, and in Europe in the second half of 2024 as the global inflation pulse recedes .
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