Just some additional information that was released today by RPData but wasn’t in their media release.
Stock on market looks to be heading back up again:
Across the combined capital cities the current volume of property listings is 36.9% higher than at the same time last year, while new listings are just 2.1% higher than last year. Nationally, total listings over the four weeks to September 25 are 31.8% higher than at the same time last year. While newly advertised listings had been trending lower recently, it appears the Spring selling season has seen an upswing, with new listings up 7.7% compared to the four weeks ending 18 September.
It will be interesting to see SQM research‘s stock on market data for September when it comes out to see if it reports similar results.
Rentals also look to be following a similar trend:
The number of new properties advertised for rent during the four weeks to 25 September is 24.4% higher than at the same time last year nationally and 22.3% higher across the combined capital cities. The total number of rental properties advertised for sale is 14.4% higher than at the same time last year nationally and 14.1% higher across the combined capital cities.
I also noted this chart from Property Observer showing “average days on market for August private treaty sales” for each capital city which could help explain some of this data:
With credit in the doldrums it looks like it is going to be a pretty tough Spring for the Oz housing market.