However, as shown above, there is huge variance across the capitals, with listings down sharply in Melbourne and Sydney, offset by sharp rises in Perth and Darwin.
According to SQM managing director, Louis Christopher:
“It is perfectly normal for listings to rise in March as the market in February is still in the process of opening up for the new season. What was different in these results however were the falls recorded in Melbourne. We are now recording a clear downtrend in properties for sale in Melbourne. Such a downtrend to me suggests the market in Melbourne is picking and there are now more buyers than sellers. Previously, Melbourne was very much a mixed market. But this suggests to me the recovery is becoming more uniform across the city.”
SQM Research also released its asking prices data for the week ended 7 April, which revealed that vendors in Sydney are now asking a whopping $1,066,000 for a typical house, with house vendors at the national capital city level asking $771,700 (see below table).
Seriously, how can anybody credibly argue that Sydney housing is not a bubble, particularly given that prices are being driven by unprecedented investor demand, which now comprises almost 60% of finance commitments (excluding refincings):
