Capital city listings rise

The number of residential property listings rose across capital cities during the month of September, with Sydney and Melbourne leading the country’s strongest property markets, according to a real estate appraiser.

Findings from SQM Research noted there were 347,358 new listings last month, indicating a rise of 4.3 per cent, up 2.4 per cent from a year earlier.

Sydney led the gains with a 10.3 per cent jump in monthly listings, jumping 13.2 per cent from last year, reflecting the “buoyancy of the property market there and the eagerness of vendors to take advantage of impressive capital gains in the city”.

Brisbane recorded a strong monthly gain of 7.4 per cent, with listings up an “impressive” 12 per cent from last year, while other cities that reported a big boost in monthly property listings included Canberra, with a 6.5 per cent rise, and Melbourne, with a 5.1 per cent rise.

Of the capital cities, research found that the only Hobart listings were down from last year, while both Adelaide and Darwin posted modest growth.

Sydney and Melbourne markets remain strong with high auction clearance rates

SQM Research noted that Sydney and Melbourne property markets “are still the strongest in the nation”, with high auction clearance rates reflecting strong demand for property in both cities as buyers continue to put “their hands [up] to bid despite high prices”.

Asking prices have jumped in Melbourne, which have risen 15.1 per cent for houses and 4.8 per cent for units compared to last year.

The researchers noted that there is an“insatiable appetite for property” in both cities, which is being led by “record-low interest rates and strong population growth in both cities, especially in Melbourne”.

The report concluded that while median asking prices were higher in other cities, asking prices for houses in Darwin and Perth, have continued to fall.

The median house price in Perth was recorded at $683,200 (down 5 per cent from last year), whereas Darwin’s median price was recorded at $619,700 (down 6.9 per cent).

[Related: City dwelling values increase while rental yields decrease]

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Tamikah Bretzke

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