National stock levels down to three year low in July: SQM
Last month residential property stock on the market decreased to the lowest level seen since February 2011, according to SQM Research.
Nationally, there were 334,683 unsold properties last month, down 3.6% from the month before and 4.8% from July last year.
SQM Research says the market "remains in favour of sellers", with low stock levels pointing to an active market. However, the research firm also notes the rate of decrease has slowed, particularly in Sydney, which saw a yearly stock decline of 8.7%. There, annual stock declines between 15% and 25% were previously recorded.
Of the results, SQM Research managing director Louis Christopher says: "The national housing market overall remains buoyant with real estate listings being absorbed at a fairly fast pace and buyers moderately outnumbering sellers.”
City | July 2013 total | June 2013 total | July 2014 total | Monthly change % | Yearly change % |
Adelaide | 16,453 | 15,819 | 14,593 | -7.8% | -11.3% |
Brisbane | 26,150 | 26,624 | 25,615 | -3.8% | -2.0% |
Canberra | 3,555 | 3,250 | 3,140, | -3.4% | -11.7% |
Darwin | 1,302 | 1,531 | 1,582 | 3.3% | 21.5% |
Hobart | 4,280 | 4,137 | 4,063 | -1.8% | -5.1% |
Melbourne | 46,748 | 43,237 | 41,432 | -4.2% | -11.4% |
Perth | 19,353 | 21,220 | 20,049 | -5.5% | 3.6% |
Sydney | 23,207 | 22,504 | 21,179 | -5.9% | -8.7% |
National | 351,397 | 347,074 | 334,683 | -3.6% | -4.8% |
Source: SQM Research
The largest monthly decrease was recorded in Adelaide, where stock on market fell by 7.8% to 14,593 homes. On a yearly basis, Canberra had the greatest decline, with an 11.7% decrease to 3,140 homes on the market.
Darwin was the only capital city where a monthly increase in stock levels was recorded. Stock on market climbed 3.3% in July to 1,582. The city also saw the biggest yearly jump of stock on market, of 21.5%.
The firm also recorded a small month-on-month decrease in asking prices for houses, of 0.2%. Unit asking prices saw an increase of the same proportion on a national level for July.