Property Listings Rise for Mid-Spring
by Louis Christopher
Figures released today by SQM Research reveal national residential property listings increased in October by 2.0%, up from 312,754 in September 2019 to 318,874. Compared to 12 months ago, listings were down by 4.8%.
All states experienced an increase in property sales listings over the month except for Darwin which experienced a decrease of 2.4%.
Sydney experienced the highest increase of 4.2%. Overall, listings are down in Sydney by 19% when compared to October 2018. Canberra’s October sales listings was not far behind with a 4.1% increase.
Melbourne, Brisbane and Perth’s October increases of 3.7%, 1.9% and 2.7% respectively, also showed a good year-on-year turnaround for sales listings. Hobart had a marginal increase of 0.8% over the month.
Capital city listings overall rose for October, which is a fairly normal phenomena during the spring selling season. Sydney and Melbourne have larger counts of new listings compared to this time last year, which should please real estate agents.
Old stock still appears to be declining but remains at somewhat elevated levels. This may have made some vendors adjust their expectations over the month as asking prices in four of the eight capital cities actually fell.
Capital City average asking prices decreased marginally by 0.7% for houses but increased 0.3% for units, over the month to 29 October 2019. House asking prices are now $935,400 and units $570,100.
Compared to a year ago, the capital city asking prices posted declines of 0.8% for both houses and units.
Over the month, Melbourne, Canberra and Darwin recorded decreases in both houses and units, with Darwin showing a large decrease of 8.6% in unit asking prices. Year-on-year Darwin’s unit prices also decreased 13.5%.
Brisbane, Adelaide and Hobart recorded increases in both houses and units with strongest growth occurring in Hobart’s unit market with a 4.8% increase.
Sydney’s median asking price for houses had decreased by 1.6% but there was a 0.7% increase for units. Median price for houses is now $1,283.9m in Sydney. Melbourne’s current median house price of $955.6k for houses, stills sits below its $1.008m high in April 2018.
Brisbane’s median house price increased by 0.8% over the month and continues to peak from 2009, now sitting at $631.8k.
DISTRESSED PROPERTY OF THE WEEK
A 3-bedroom, 1 bathroom house in the Darwin suburb of Rosebery is under a Mortgagee in Possession sale for a bargain price of $300,000. Initially selling for over $399,000 in October 2018, the $300k price tag is below its last sold price of $379k in November 2008 and well below the $445k current Asking Price in postcode 0832 for 3-bedders.
Sitting on an 801 sqm block, the home is ideal for a family with kids and features an in-ground pool, large, undercover rear deck for entertaining, good sized bedrooms with BIRs and a walk-in robe in the master bedroom.
The home is conveniently located, close to Bakewell Shopping Centre, Rosebery Primary school, Palmerston College, parks and other amenities as well as the Palmerston CBD.
This family suburb in Darwin has seen house prices decline by 4.9% over 12 months but over the last month, the decline has been minor at a 0.1% decrease. Units however, tell a different story – over the last 12 months there has been decreases of 16.3% for all units in this suburb and a 26.8% decrease over 3 years. Over the last month, we see a 9.1% price decrease for units.
The vacancy rate in the suburb is 3.3%, down from 4.7% in December 2018. Asking rents are $403 per week for 3-bedroom houses and is marginally down 0.8% over the month, after a 12 month decline of 6.2%. The gross rental yield for houses in postcode 0832 is 4.7% and 6.1% for units.
October’s property sales listings for Darwin shows a decline of 0.2%. In postcode 0832 we see a total of 258 properties listed for sale, with 121 of these are over 180 days on sale. 208 are houses and 50 are units.
Whilst Sydney and Melbourne prices are rebounding, the Darwin property market is yet to recover however with mining exports expected to pick up this could result in increased demand for properties. Now may be a good time to pick-up a bargain in Darwin.
SQM website features free property data that is now more interactive, easier to navigate and user-friendly, so keep monitoring this market’s growth at SQM Research’s free property data. Also consider the Property Valuation product for more in-depth data and property price estimator.
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