For sale listings register big city rise in February

By Leith van Onselen

From SQM Research comes stock on market figures for the month of February, which lifted sharply over the month, although they remain significantly lower year-on-year:

ScreenHunter_17833 Mar. 07 16.43

As shown above, property listings nationally rose by 3.9% in February but are down a hefty by 5.1% year-on-year.

Listings lifted across all jurisdictions except Darwin in February, whereas listings fell in five out of eight jurisdictions over the year. Importantly, the big cities of Sydney (+18.0%) and Melbourne (+16.4%) recorded large monthly increases.

The annual fall in listings has been most pronounced in Hobart (-13.4% YoY) and Melbourne (-9.7% YoY), whereas they are materially higher in Perth (+8.3% YoY) and Brisbane (+3.8%).

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

“…the big rise in listings in the big cities should help to alleviate tight supply in many of the nation’s property markets, with Hobart’s and Melbourne’s property listings still well down from a year earlier”.

“Despite the big jump in listings in Sydney and Melbourne in February, property asking prices are still rising in the nation’s two biggest cities, which highlights just how strong these property markets are. This momentum is likely to continue this year with interest rates hovering at very low levels, and today’s decision by the Reserve Bank to hold rates steady is likely to fuel ongoing price gains”…

Comments

  1. mild colonialMEMBER

    Does stock on market mean in existence
    and excluding under construction because there’s gotta be 4000 dwellings available for purchase in the ACT if under construction are included.

    • I don’t know about Sydney but i think Melbourne still has a way to go all year long after the Vic government’s FHO grant announcement especially for the northern west parts of the city where property is cheaper

      • Yeah Sydney could cool off a tad but Melbourne also has tightening rental vacancies and rents rising at rapid rate. Expect to see homelessness exploding also.

    • reusachtigeMEMBER

      No, us investors totally understand that the boom is ongoing and will keep on booming over the short, medium and long terms. We could do with a bit more Lower teh interest rates though just to add a bit more oomph to the boom.

  2. [email protected]

    Whatever and however they do to stimulate the market, eventually they’ll be floggin’ a dead horse. Remember the old Japanese proverb; “NO TREE GROWS TO THE SKY”. The Japs learnt it the hard way!
    See what Australia’s most famous money lender has to say;
    http://thenewdaily.com.au/money/property/2016/12/08/david-murray-bubble/

  3. TailorTrashMEMBER

    Alternative headline …. Surge in greater fools expected as listings register big rise in February .

  4. Diogenes the CynicMEMBER

    Perth listings up and sales down from 78k to 33k a year (those figures come from Groves the REIWA chap). Not great for Perth specufestors.

  5. [email protected]

    Read what the CEO of Westpac says about our “speculative bubble”

    http://www.afr.com/business/banking-and-finance/financial-services/westpacs-watching-brief-on-low-quality-apartments-20170307-gut1ru

  6. [email protected]

    That’ what Aussie specufestors have to look forward to;
    https://www.youtube.com/watch?v=bJWUcQ6xqU8&t=10s