RESIDENTIAL PROPERTY
AUSTRALIA’S combined dwelling asking prices hit a record high over October, while an increasing number of homes continue to sell under distressed conditions.
According to SQM Research, October saw the national combined dwelling asking price rise by 1.2% to a new high of $805,680, reflecting a annual gain of 7.8%.
At the same time, asking prices for capital city dwellings were up 0.7% for the month and 7.5% over the last 12 months.
Over the month, each capital city house market recorded an increase, with Adelaide experiencing the most significant increase at 2.8%, with...
Sydney’s unit asking prices saw a significant bump of increase of 2.2%, with Adelaide unit asking prices up 2.4%.
October also saw a 0.9% decline in listings nationally, to a total of 243,221 properties listed on the market, attributed to a drop in older listings across all...
Melbourne saw a 1.6% increase in total listings for the month of October, with a 7.6% increase in new listings.
While Perth saw the largest drop among capital cities, showing a 6.7% decline in total listings, largely driven by a 13.9% decrease in older listings for...
“Despite the school holiday period, Grand Finals, listing counts maintained the robust levels recorded in spring. And given what we know about seasonality for...
“It is interesting we recorded a sizeable fall in older listings, which implies stock absorption rates were up in October.”...
But I also note the rise in distressed listings, which is a negative for the market if it were to continue to rise from these levels...
The number of residentials properties sold under distressed conditions was up 5.2% over the month to 5,521 listings. Though this was still down...
The increase was largely driven by an uptick of 8.9% in New South Wales, 7.6% in Western Australia and a 35% increase in the...
“Overall, vendors remained confident for the month as displayed to the new record high in asking prices. We will see how they respond on any further rate...