RESIDENTIAL PROPERTY
AFTER an increase in November, national residential property listings fell by 5.5% in December as the summer holiday season began.
According to the latest data from SQM Research, national listings were down to 228,415 properties from the previous month’s 241,701.
At the same time, the last 12 months saw a 4.6% increase from December 2021, following a bump driven by unsold properties.
Old listings, sitting on the market for over 180 days, was up 14.3% over the year and 3.5% over the month, as the housing downturn made homes tougher to sell.
Over the year, Hobart saw an increase of 214% in old listings, followed by Sydney with 47% and Melbourne with 27%, while Adelaide saw a decline of 7.7%.
On the other hand, new listings saw a significant fall of 31.1% over December and a 22.4% decline over the year.
Each capital city saw a significant decline in new listings across December, led by Darwin with 52.8% and followed by...
While over the year, Melbourne and Sydney led declines in new listings, both seeing a 35.3% fall, with...
“The large falls in new listings over December 2022 appears to be an eye opener, but in the scheme of things, we have just gone back to more normal levels for...
“What should be noted though is the rise in older listings which appears to be uniform across cities and townships. This rise in older stock...
While distressed listings stabilised as of 4 January 2024, from 6,549 in November, there were still 6,201 national residential properties...
“Meanwhile, distressed listings activity, while up for the year, still remains at relatively benign levels and indeed stabilised over the December quarter.
Though Sydney and Melbourne recorded declines in asking prices over the 12-month period, at 2.1% and 2.7% respectively,...
“Until we see a major surge on distressed activity, I really doubt some of the more calamitous predictions of a housing crash in 2023 will play out...