Property listings declined further in July

SQM Research has released its stock on market report for July, which posted another 2.8% fall in listings over the month but a 0.7% increase in listings over the year:

Listings fell across all markets over July, whereas over the year for sale listings rose everywhere except Sydney (-10.5%), Perth (-2.6%) and Darwin (-4.8%).

Meanwhile, SQM Research’s asking price index shows that asking prices were a mixed bag in July and mostly negative over the year:

In its commentary, SQM noted:

July’s result was no doubt affected by seasonality with the winter months historically a low time for new listings. However we note there was also a large decline in older stock, which may indicate that sales rates did rise in July or more vendors opted out of their sales campaigns.

The rise in asking prices in Sydney of 2.6% for houses (+1.2% for units) indicates increased confidence by vendors of a turnaround in the market. Vendors in Sydney would be well advised though to not get ahead of themselves in what is still a cautious market.

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