Residential listings rise 4.9% in November to bloom late in the last month of spring: SQM Research
The number of residential properties listed for sale across Australia increased by 4.9% during the month of November but remain unchanged year-on-year according to SQM Research.
The overall listings totalled 363,436 nationally but there is only the difference of 10 listing when compared to November 2011.
SQM Research says Darwin is showing signs of severe under supply with a decrease of 21.7% in listings compared to this time last year. However, during November the Northern Territory capital city experienced a 3.3% increase in stock, bringing total listings to 1,188.
Perth experienced the highest increase of listings this month with a 10.4% change - bringing the total listings to 18,737 – but dropped 3.5% when compared to November last year.
Sydney experienced a 7.7% increase on last month but is 9.0% lower than last year, with a total of 31,863 listings.
Melbourne has increased by a modest 2,345 listings compared to last month – a total of 5.3% - but isstill down on last year by 0.4%.
Brisbane listings also increased compared to last month by 3.1% - a total of 27,331 – but is down 1.2% on November 2011.
Canberra listings increased by 9.2% compared to last month and 4.4% year-on-year, with listings totaling 4,103.
Hobart also increased significantly by 6.4% to 4,615 listings during the month of November. Hobart experienced the biggest year-on-year change with a 6.6% increase.
“It seems the spring selling season did come late for the property market, with the November results being the first spring month to record a meaningful increase in listings,” says managing director of SQM Research Louis Christopher.
SQM Research predicts closer to Christmas, the level of stock will stagnate or decrease slightly as the property market slows down for the end of the year.
“In line with seasonality, I expect the December and January results to records falls,” says Louis Christopher.
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