The residential property sector exhibited signs of improvement during October, recording a 6.5 per cent increase in listings across the nation, the most recent SQM Research figures have shown.
The data showed residential property listings jumped from 289,566 in September to 308,413 in October. Despite this increase, listings were 3.3 per cent lower compared to the same period last year.
All capital cities improved their property listings over the month, but Melbourne was the standout performer, experiencing an increase of 9286 in dwellings placed on the market, representing a rise of 26.7 per cent. The trend was also felt in Sydney and Hobart, with property listings in those two cities up by 8.4 per cent and 8.2 per cent respectively in October.
Despite the national year-on-year figures being down, Melbourne and Sydney still managed a property listings boost of 22 per cent and 13.6 per cent respectively as at last month’s end. All other capital cities witnessed declines in residences listed.
“It seems like we are moving back to the usual spring selling season with all capital city listings rising in October. Melbourne in particular has bounced back in a big way after the relaxing of stage four restrictions,” SQM Research managing director Louis Christopher said.
“In fact, we are expecting another big rise in listings during the month of November for Melbourne.”
With regard to asking prices, October saw capital city averages rise by 1.8 per cent for houses and 0.1 per cent for units. Average unit asking prices are now $563,900 and houses $989,100
Most individual cities experienced slight increases in line with this average, with the exception of Sydney, which posted a decline in unit asking prices of 0.5 per cent, but a rise of 0.7 per cent in the asking price for houses.
Compared to this time last year, capital city average asking prices jumped by 5.2 per cent for houses and 1 per cent for units.