As shown above, for sale listings in the month of February surged in Sydney by 15.1% and in Melbourne by 8.6%.

Over the year, listings have launched in Sydney (+18.0%) and Darwin (+12.0%). However, they are down sharply in Melbourne (-5.6%) and Hobart (-6.8%), and have shown less movement elsewhere.

Commenting on the results, Managing Director of SQM Research, Louis Christopher, noted:

“Listings normally rise at this time of year as the market fully opens up from the summer hiatus. The rise from Sydney however is well above normal seasonality and well above levels recorded this time last year. This is evidence of a slower Sydney market where it is taking longer to sell. On the other hand, recording a decline at this time of year, as what has happened with Hobart, is also abnormal and is suggestive of a strong market made up of many buyers and fewer sellers.”

Along with the rising listings in Sydney over February, asking prices also fell over the month, down by 0.5% (houses) and 0.3% (units), taking the median asking price back to a still insane $1,137,100 for houses and $642,000 for units (see below table).

Asking prices in Darwin and Perth remain in the toilet, down by 5.1% and 4.7% respectively (for houses) over the year.

Overall, it remains a multi-speed market, with strong annual rises in asking prices recorded in Sydney and Melbourne, solid growth recorded in Brisbane and Canberra, flatish growth recorded in Adelaide and Hobart, and falls recorded in Darwin and Perth.

unconventionaleconomist@hotmail.com

Sydney property listings surge