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Residential Property

Jan residential property listings unusually high

The latest SQM Research analysis has revealed national residential property listings declined only marginally in January, bucking the usual trend of large listing falls during the quiet holiday period.

The research firm said it regards the minimal drop as a weak result for the market.

SQM Research managing director Louis Christopher said: “Listings in January recorded a very minor decrease with some cities actually reporting increases. This is abnormal and concerning.

“It implies that vendors had a terrible spring selling season with most still trying to move their properties in January.

“Many have not been able to sell. We are now expecting a surge in listings over February.”

National residential listings declined by only 0.03 per cent in January to 328,089 from 328,203 in December 2018.

All capital cities except Sydney, Melbourne and Canberra recorded an increase in residential listings at the beginning of the year, with Hobart recording the largest rise at 1.4 per cent.

Sydney and Melbourne were down 2.3 per cent, while Canberra dropped 2 per cent.

Compared to a year ago, national listings rose 8 per cent, with Sydney, Melbourne and Canberra’s year-on-year listings increasing the most. Melbourne was up by 42.3 per cent, while Canberra was up 24.6 per cent. Sydney experienced an increase of 22.3 per cent.

Year-on-year results for Hobart revealed a yearly decline of 1.9 per cent, with residential property listings dropping from 2362 in January 2018 to 2318 in January 2019. Darwin experienced a yearly decline in sales listings of 0.6 per cent.

Year-on-year capital city asking prices dropped by 2.6 per cent for units and 6.2 per cent for houses.

Hobart showed the strongest growth for both houses and units with a 4 per cent and 7 per cent rise respectively. Canberra recorded yearly growth of 2.7 per cent for houses and 3.8 per cent for units.

Capital city asking prices for the month to 5 February declined by 0.4 per cent for units and 2.2 per cent for houses. Unit asking prices are now $572,800, while the asking price for houses is $915,900.

The largest monthly decline was in Sydney where house asking prices fell by 1.7 per cent, but house prices rose modestly by 0.3 per cent.

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