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PROPERTY LISTINGS INCREASED SIGNIFICANTLY IN OCTOBER
Melbourne posts a surge in New Listings
Capital City Average Asking Prices Increasing
by Louis Christopher
Figures released today by SQM Research reveal national residential property listings significantly increased in October by 6.5% from 289,566 listings in September 2020 to 308,413. Compared to 12 months ago, listings were down by 3.3%.
All capital cities recorded increases in property listings over the month with Melbourne recording a huge increase of 26.7% - 9,286 more properties listed than September. Both Sydney and Canberra also posted large increases of 8.4% each and Hobart posted 8.2% increase.
Brisbane recorded a 4.6% increase, Adelaide 4.5% and Perth 4.2%. Darwin recorded the smallest increase of 0.6%.
National year-on-year listings reveal a decrease of 3.3% with significant decreases in Darwin (24.5%) and Hobart (12.1%). Melbourne however, recorded a large increase of 22.0% and Sydney a 13.6% increase. All other capital cities recorded declines over the 12 months.
Stock on Market Table:
New Listings (30 days)
Nationally, new listings (30 days) increased by a significant 27.45% over the course of October with 17,154 more properties on the market. Melbourne posted a huge increase in new listings of 322.6%. Hobart posted a 44.0% increase, Canberra a 15.6% increase and Sydney a 12.7% increase in new listings.
It seems like we are moving back to the usual spring selling season with all capital city listings rising in October. Melbourne in particular, has bounced back in a big way after the relaxing of Stage 4 restrictions. In fact, we are expecting another big rise in listings during the month of November for Melbourne.
Capital City Average asking prices increased 1.8% for houses and 0.1% units over the month to 3rd November. Average unit asking prices are now $563,900 and houses $989,100.
Compared to a year ago, the capital city asking prices posted an increase of 5.2% for houses but declined by 1.0% for units.
Over the month, most capital cities recorded marginal asking price increases in houses and units. Sydney continues to record a decline in unit asking prices of 0.5% but recorded an increase of 0.7% for houses. Perth and Hobart also recorded declines in unit prices of 0.3% and 0.4%, respectively. Hobart however, posted the largest gain in house prices of 2.5%.
Melbourne, after the lifting of Covid-19 restrictions, is rebounding posting increases in both house asking prices of 0.4% and a 1.0% increase in units.
Canberra house asking prices remained stable and unit asking prices increased by 1.7%.
Year on year, most capital cities recorded increases in house and unit asking prices with a significant increase of 17.8% in Hobart’s unit asking price and 10.1% in house asking prices.
Sydney’s unit prices declined 4.1% over the 12 months but house prices increased 5.3%.
AUCTION RESULTS for week ending 1 November 2020
Full individual auction results can be found on our website:
AUCTION LISTINGS* for week ending 8 November 2020
* The above counts of auctions represent most recent known auction dates for the coming week. ^As at 18-Oct-20, Melbourne outdoor auctions will be allowed (max. 10 people).
DISTRESSED PROPERTY OF THE WEEK
307 Trower Road, Nakara, NT 0810
A 3-bedroom house in the northern Darwin suburb of Nakara is currently listed for $449,500 after initialling going to auction in September 2020. Currently, houses in this postcode have a selling range from $490 to $630k. This home last sold for $140,500 in January 2003.
Sitting on a large 817 sqm block with 3-bedrooms each with split A/C and built-in robes; this home also has a spacious open plan living area; kitchen; laundry; and bathroom with a separate toilet. This is a functional home that can be further improved with little effort.
Outside, the house is set back from the street with a formal driveway leading to a carport and potential parking for a boat and 3 more cars. The house also has easy care gardens and a patio.
The house is close to all amenities including Casuarina Shopping Centre, Dripstone High School, Charles Darwin University, Royal Darwin Hospital, parks and bus services, and the ocean and boat ramps only 5 minutes away.
Darwin has recorded good growth in asking prices in the past quarter and this postcode has also shown similar Asking price growth for houses of 1.1% over the quarter and 5.5% over the month. Unit prices have also increased 1.8% over the month and 2.4% over the quarter.
This postcodes’ Asking rents for houses had increased by 4.8% over the quarter, however over the last month there has been a 4.9% decline. Unit rents however continue to surge with a 5.9% increase over the month. An implied gross rental yield of 4.4% can be achieved for houses and 5.7% for units. Currently, there are 72 rental listings in this postcode, declining from 235 in February 2020.
This postcode has also been a standout with low a vacancy rate of 0.6% in September, after declining from 2.9% in January 2020.
This home would suit growing families looking for a lifestyle opportunity in a beachside suburb.
You can monitor this market with SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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