- National residential property listings rose 2.4% during the month to 262,617
- Asking prices are also up, especially in Sydney, according to new SQM Research data
- Hobart is seeing its listings fall, and seems to be the hottest market in the country
In a clear sign the Australian property market is continuing its upward trajectory, more sellers were enticed to list their properties for sale in April, according to new data from SQM Research.
National residential property listings rose 2.4% during the month to 262,617. A year ago, there was 10% more stock on the market, and amid the pandemic lockdowns, few were selling.
Australia Residential Market, decline in listings since 2016
New listings are up 57% this year, as talk of property booms and fast-rising prices has encouraged people to sell.
Sydney’s asking prices (what people are wanting for their property right now) for houses jumped 6.1% in April, but oversupply is weighing down unit prices.
Across the country, asking prices rose 3.7% for house and fell 0.2% for units during the past month.
“Property owners have clearly responded to all the talk about a property boom and have aggressively lifted asking house prices over April, particularly in Sydney.
“We have also seen a strong rise in Sydney’s new property listings for the month, in part driven by having five weekends, but also because property owners are keen to take advantage of the buoyant conditions”
Louis Christopher, Managing Director of SQM Research
The largest increases were in Canberra, Perth and Sydney, with Hobart shedding 4.8% of its listings in an ever-tightening market.
Although new listings (those put in the market in the past 30 days) were up this year, they fell in April to 81,643, which his equivalent to 31% of the total stock for sale.
Older stock is clearing, with properties on the market for more than 180 days falling during the month, and 33% down over the year.
Higher Asking Prices
Hobart’s asking prices are rising the most, up an astonishing 10.8% for units during April, and 22.4% over the past year. House prices have risen 12.7% over the past year.
Sydney is not far behind, with house prices up more than 6% in April and 8.5% over the past year.
Australia Residential Market, rise in prices since 2016
Across the nation, asking prices have risen 11.8% for house and 6.1% for units over the past year, and the capita city average is +5.2% on houses and -1.8% fall for units.
“With low interest rates expected to prevail for some time yet, a benign end to Job Keeper and many households flush with cash, we expect to see moderate to strong activity in the housing market over this quarter, which will likely push house prices even higher.
“We are, however, seeing ongoing oversupply of units in Sydney and Melbourne with falls in asking unit prices over the month, leaving some space open for first home buyers and investors to enter the property market,” Mr Christopher said.