From SQM Research comes stock on market figures for the month of July, which registered a seasonal 0.9% monthly rise in the number of homes for sale, although listings were down by 0.4% year-on-year (see below table).
As shown above, listing increases were recorded everywhere except Hobart in July.
Over the year, for sale listings rose by 13.8% in Sydney, by 7.9% in Brisbane, by 6.1% in Perth, and by 4.7% in Adelaide, but have plummeted by 9.9% in Hobart. Elsewhere there has been only minimal movement.
Turning to asking prices, you can see that year-on-year growth is particularly strong in Melbourne and Hobart and solid in Sydney, Brisbane and Canberra, but soft in Perth, Darwin and Adelaide:
Commenting on the results, Managing Director of SQM Research, Louis Christopher, noted:
“Listings and asking prices for the national residential property market still suggest a mixed picture with Melbourne and to a lesser extent Sydney, recording buoyant markets, while other cities recording a weaker market environment. Going forward, the market is likely to rally further given the latest rate cut decision. There is a possibility now that Melbourne dwelling prices could accelerate from an already heated rate of growth. And if Sydney were to also accelerate I think we could see APRA stepping into the market once again as early as fourth quarter this year”.