Sydney Market

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<div>There are still a great many property investors around in the market right now, so there shouldn't be too much upwards pressure on rents at the national level.</div>
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<div>And, so it is!</div>
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<div>The weighted average annual rents inflation across Australia's eight capital cities steadied at +0.7 per cent in the third quarter of calendar year 2016, according to the ABS Consumer Price Index figures. </div>
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<div>As you can clearly see in the chart below, nominal rental prices at the national level only tend to spike dramatically when property investors are spooked out of the market for some reason, thereby stymying the available supply of rental stock.</div>
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<div>This has only happened twice over the past 35 years or so, with the most recent trigger point being the global financial crisis. </div>
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<div>However, with mortgage rates close to their record lows, there are presently oodles of investors in the domestic market - and many more from overseas too! - even in the face of recent curbs. </div>
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<div><a href="/images/2016/10/28/pete1.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="/images/2016/10/28/pete1.jpg" alt=""></div>
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<strong><span style="text-decoration: underline;">City by city</span></strong><br><strong><span style="text-decoration: underline;"><br></span></strong>
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<div>Of course, the outlook is as always quite different for each capital city, region, and sub-region.<br><br>
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<div>I have presented a second chart below as an index to show what has happened to nominal rents over the last four-and-a-half decades.</div>
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<div>One of the reasons I have done so is that although commentators seemingly love to spin out 'inflation-adjusted' results, the reality for many of us living today is that we often have 'rent versus buy' equations to weigh up, and for these decisions we understandably - and logically - tend to think in nominal terms.<br><br>"Are rents rising? Are dwelling prices rising? What about holding costs? Will mortgage rates increase or decrease? What is the smartest financial decision here?"</div>
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<div>In Sydney, annual rents inflation accelerated slightly to +2.5 per cent, which is still close to double the +1.3 per cent headline rate of inflation.</div>
<div>
<br>Blogsites and media do love a good falling rents meme, but this hasn't really been backed up by the facts, at least in Sydney's case.<br><br>Indeed, Sydney rents have increased at double the rate of inflation for nearly a decade now.<br><br>
</div>
<div>Since the beginning of 2007 Sydney's rental index has increased by +54 per cent, exactly double the rate of inflation for the harbour city over the same time horizon. </div>
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<div>Rental growth may be softer than it was, and in fact it is already easing in some pockets of Sydney, but rents have hardly 'fallen' since the financial crisis as commentary sometimes tries to imply.</div>
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<div>It's a very different Jackanory in the resources capitals, mind you.<br><br>After a great surge in both rents and dwelling prices through the heady days of the resources boom, the rental index numbers are in full on decline mode in Perth, falling back by -6.4 per cent over the year to September.<br><br>This puts the rental index for Perth back close to where it was at the peak of the mining boom four years ago in Q3 2012.<br><br><div><span>And in Darwin, the equivalent year-on-year decline has been -7.7 per cent, although certain other metrics have implied that the real estate market in the Top End may be stabilising somewhat. </span></div>
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<div><a href="/images/2016/10/28/Screen%20Shot%202016-10-28%20at%208.51.32%20AM.png" target="_blank"><span>Click to enlarge</span></a></div>
<div><span> </span></div>
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<div><img src="/images/2016/10/28/Screen%20Shot%202016-10-28%20at%208.51.32%20AM.png" alt=""></div>
<br><div>Rental growth is flat on this index in Canberra, while interestingly the rental growth index for Adelaide has by and large tracked that of Melbourne closely for almost the entire data series since 1972. You learn something new every day!</div>
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<div><strong><span style="text-decoration: underline;">Supply response cavalry now arriving</span></strong></div>
<br><div>The chart above hints at why Rory Robertson was always unlikely to lose his high profile 2008 bet cf. Sydney house prices correcting sharply.</div>
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<div>While the annual rate of population growth in New South Wales rose incessantly from 2004 to 2008 up to an annualised peak of nearly 118,000, very little accommodation was actually being built, and this has resulted in nearly a chronic supply shortage and nearly a decade of strong rents growth. </div>
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<div><a href="/images/2016/10/28/Screen%20Shot%202016-10-28%20at%208.52.55%20AM.png" target="_blank">Click to enlarge</a></div>
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<div class="separator"><img src="/images/2016/10/28/Screen%20Shot%202016-10-28%20at%208.52.55%20AM.png" alt=""></div>
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<div>What you don't need any charts to tell you - just listen to the jackhammers! - is that this dynamic has at last changed, with dwelling construction at now really hitting its straps over the last couple of years, and a veritable flood of apartment completions in the post.<br><br>---<br><br>In other news, Domain reported that Sydney's median house price rose by +2.7 per cent in the September quarter to a fresh all-time high of $1,068,000.<br><br>In Melbourne, the median house price rose by an even more sprightly +3.1 per cent over the quarter and +9.1 per cent over the year to also hit a record high of $774,000.<br><br>Somewhat surprisingly, median unit prices in Melbourne performed even more strongly again in the quarter in rising by +4.5 percent, to be +5.5 percent higher over the year.<br><br>Melbourne has been constructing dwellings like fury in recent years, but population growth has accelerated to extraordinarily high levels as you can see in the chart above. </div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

Rental growth steadies, though not in Sydney

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<p>CoreLogic's head of research Tim Lawless talks the Sydney housing market.</p>
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<p><iframe src="https://www.youtube.com/embed/sSS3G6dq1u0" frameborder="0" width="450" height="315"></iframe></p>
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jonathanchancellor-7SQnKwU6yx

Sydney's market update for November: CoreLogic

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<p>Despite COVID-19, the Sydney property is strongly forging ahead with auction clearance rates tracking at levels similar to those of 12 months ago, according to RiskWise Property Research.</p>
<p>Houses achieved a 71.1 per cent preliminary clearance rate and, overall, of the total volume of 625 properties, a 69.5 per cent clearance rate.</p>
<p>The volume of auctions was 18 per cent higher than a year earlier according to CoreLogic, and the final auction clearance rate is expected to finish at around 64 per cent, marginally above the decade average.</p>
<p>RiskWise CEO Doron Peleg said this was another consistent result, and similar to those seen in recent weeks.</p>
<p>“When you have a larger volume and higher clearance rates, this means that we have a stronger market,” Mr Peleg said. </p>
<p>“Houses, in particular, are showing strong results while units achieved only 66.3 per cent clearance rate which shows that, as expected, they have less resilience.</p>
<p>“Houses in Sydney also performed well last week with clearance rates recently running above those for units.</p>
<p>“Overall, the 69.5 clearance rate for Sydney is similar to results achieved around the same time last year when the Sydney property market was enjoying a strong recovery period following the election results, interest rate cuts and some loosening of the credit restrictions, particularly in relation to APRA's floor assessment.” </p>
<p>This week, the top performing areas in Sydney, based on the preliminary figures, were the Northern Beaches (81.3%) and the Inner West (77.8%).</p>
<p>Buyers Buyers COO Pete Wargent said home buyers with long-term holding strategies were well positioned to negotiate aggressively to purchase high-quality houses that usually enjoyed very strong demand and were sold through auction campaigns at premium prices.</p>
<p>“The average holding period of houses in Sydney, that in 75.9 per cent of cases belong to owner-occupiers, is 12.2 years. This means owner-occupiers with secure jobs and no serviceability issues are not impacted by short-term market movements, unless they need re-finance,” Mr Wargent said. </p>
<p>He said the Sydney property market delivered solid capital growth of 22 per cent in the past five years with popular areas enjoying even stronger results.</p>
<p>For example, houses in Paddington experienced price increase of 56 per cent and in St. Peters houses saw capital growth of 51 per cent during that period. </p>
<p>This shows that although there were credit restrictions by APRA, scrutinising of loan applications as a result of the Royal Commission and material price reductions due to fears of changes to negative gearing and capital gains tax until the election result in May 2019, houses in Sydney enjoy strong demand and deliver solid capital growth. </p>
<p>In addition, over the medium and the long term, solid price growth is highly likely for houses, particularly due to a systematic undersupply in the inner and middle rings, and also in the more affordable outer areas with good access to the CBD, such as the western suburbs.</p>
<p>“What this all means is now is the time to buy if you are a first home buyer or an owner-occupier as this current slowdown in the property market is only temporary, with houses in popular areas likely to experience solid capital growth in the medium to long term.</p>
<p>“Once the COVID-19 issue is resolved, most likely in 2021, the traditional connection between low interest rates and increase in dwelling prices is likely to take place.”</p>
<p>Other top performing areas included Newcastle and Port Macquarie, with a clearance rate of 80.0 per cent, clearly demonstrating that the demand for lifestyle locations is playing a key role in the property market.</p>
<p>Mr Wargent stressed, however, that investors buying rental apartments unsuitable for families were taking an enormous gamble, with both equity and cash flow risk expected to materially increase.</p>
<p>Serviceability is also a major factor for investors who rely on a stable rental income to cover the costs associated with property, particularly the mortgage.</p>
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j.ballantyne1990-6AQqhLzZaK

Houses in Sydney deliver 71% clearance rate

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<p>Rental yields in Sydney have been on the decline over the past decade, as rents have failed to keep pace with increasing property prices, according to the latest Herron Todd White (HTW) residential report. </p>

<p>The valuation firm took a look at yields across the country and dissect where to find the best returns in residential markets.</p>

<p>According to SQM research, average yields for houses in Sydney fell from 3.7% in August 2009 to 2.8% in August 2019, while units fell from 4.9% to 3.7% over the same period.</p>

<p>[smartcode_project:default project_id=6798]</p>

<p>The HTW report notes while prices were rising, investors were happy for the capital growth to offset the declining rental yields.</p>

<p><em><a href="https://www.propertyobserver.com.au/images/2019/10/9/sydney%20yield%20.jpg" target="_blank">Click here</a> to enlarge: </em></p>

<p><img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/9/sydney%20yield%20.jpg"></p>

<p><em>Source: data from SQM Research</em></p>

<p>"Unfortunately as prices began to fall over the past two years, rental yields did not climb as expected, as increasing rental vacancies put downward pressure on asking rents," the valuation firm said. </p>

<p>"Obviously Sydney is a large city and rental yields will differ across its many regions.</p>

<p>"So which regions are currently providing the best average yields? For houses, the Lower North Shore has the highest average yield at 3.5%, while south-western Sydney and western Sydney enjoy a 3.3% yield.</p>

<p>[smartcode_project:default project_id=7317]</p>

<p>"On the unit side, the CBD is the clear winner for average rental yield at 4.4%, while the Hills Districts, south- western Sydney and western Sydney were at 4.1%," the valuation firm added. </p>

<p>With yields at 10-year lows across most parts of Sydney, investors are looking at alternatives to the standard house or unit to help improve their potential yields, HTW noted.</p>
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What are the Sydney suburbs with the highest residential rental yields: HTW 

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<p>EXPERT OBSERVATION</p>
<p>There is no relief for tenants looking to move over the short to medium term or for those facing lease renewals.</p>
<p>Over the last 12 months, Sydney’s metropolitan office vacancy rate has fallen below 5%.</p>
<p>The last time that happened was during the late 1980’s boom.</p>
<p>Moreover, the period of low vacancies has only just begun, with BIS Oxford Economics forecasting a sub-5% vacancy rate for at least three more years.</p>
<p>That is not good news for tenants with a short to medium term lease expiry – they will face much higher rents and limited relocation options.</p>
<p>Conversely, the balance of power in lease negotiations has shifted back towards building owners and will stay there for some time yet.</p>
<p>Sydney’s office vacancies have fallen significantly over the last two years, as moderate net absorption (underpinned by a solid NSW economic and employment growth) was met by below average completions and close to zero net additions to stock.</p>
<p>By the end of 2018, it is estimated the Sydney metropolitan vacancy rate will fall to 4.6%.</p>
<p>Sydney’s problem is on the supply side, not the demand side.</p>
<p>With almost nothing added to stock over the last two years, demand is starting to be constrained by a shortage of available space.</p>
<p>With vacancy rates a primary driver of rents, CBD prime average net stated rents have risen by over 20% since December 2016 with effective rents (taking into account leasing incentives) up by one third.</p>
<p>Indeed, since the post GFC cycle trough in 2009 face rentals have risen by close to 70% and around 125% in effective rent terms.</p>
<p>The bad news for tenants facing upcoming lease expiries is there is no relief from rising rents in sight for at least three years.</p>
<p>The current round of office projects underway – focused on the CBD, North Sydney, Parramatta and Eveleigh – will be easily absorbed by the market, keeping the metropolitan vacancy rate below 5% until at least 2021, with the CBD even tighter.</p>
<p>Low metro-wide vacancies mean there will be limited options available for CBD tenants seeking to move out of the City to avoid rising rents in the medium term.</p>
<p>Rents will be rising strongly in the suburban markets as well.</p>
<p>Building owners’ time has come within the Sydney office market and it looks set to stay that way for some time to come.</p>
<p>LEE WALKER is the responsible for <span>BIS Oxford Economics's</span><span> Sydney and Perth commercial forecasting studies</span></p>
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The Sydney office market is facing at least three more years of low vacancies: Lee Walker

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<p>Warmer weather has seen vacancy rates steady across Sydney as renters seek accommodation in the heart of the city, according to research from the Real Estate Institute of New South Wales.</p>
<p>REINSW President Leanne Pilkington said the September 2018 REINSW Vacancy Rate Survey saw metropolitan Sydney vacancy rates down 0.2 percentage points at 2.8%.</p>
<p>“The change in season has seen renters return to the Inner Sydney market with vacancy rates falling 0.5% to 2.4%, a level last seen in May,” Pilkington said.</p>
<p>“Middle Sydney remained steady at 3.1% while Outer Sydney dropped 0.2% at 2.9%.”</p>
<p>In the Hunter, vacancy rates rose 0.1 percentage points to 1.9%, with Newcastle up 0.8 percentage points at 2.9%.</p>
<p>The Illawarra slipped 0.2 percentage points despite Wollongong being up 0.1 percentage points to 2.1%.</p>
<p>Across regional areas, New England remained steady at 2.2%, Northern Rivers rose 0.3 percentage points to 1.3% and Orana rose 0.2 percentage points to 2.0%.</p>
<p><em><a href="https://www.propertyobserver.com.au/images/2018/10/22/vacancy%20rate%201%20.jpg" target="_blank">Click here </a>to enlarge</em></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/22/vacancy%20rate%201%20.jpg" alt=""></p>
<p><em><a href="https://www.propertyobserver.com.au/images/2018/10/22/vacancy%20rate%202.jpg" target="_blank">Click here</a> to enlarge</em></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/22/vacancy%20rate%202.jpg" alt=""></p>
<p>Source: REINSW</p>
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Spring sees renters return to inner Sydney market: REINSW

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<p>The recent boom in housing supply in Sydney is slowing rapidly due to excessive levies and planning changes.</p>
<p>The development industry is a major provider of jobs in New South Wales, providing 400,000 direct jobs as well as generating huge employment in supporting industries and services.</p>
<p>But a recent survey of Urban Taskforce members indicates that the number of pre-sales for apartments has slowed down and this could have major impacts on employment, particularly in Sydney.</p>
<p>While the property industry is a huge driver of jobs in NSW it is the residential sector that represents 70% of these jobs.</p>
<p>It is therefore critical to keep the supply of residential projects flowing at the levels the NSW Government has proposed.</p>
<p>With 325,000 new homes required over 20 years according to the Greater Sydney Commission that translates to over 37,000 new homes a year.</p>
<p>The peak in recent times has reached this figure but there is a worrying drop in approvals over recent months and there seems to be an even bigger drop in pre-sales of apartments.</p>
<p>There are a number of contributing factors to the slowing housing market.</p>
<p>These include confusion over possible affordable housing levies, the raising of the cap on Section 94 infrastructure levies, the increase in the stamp duty from 4 to 8% in NSW for foreign investors which has turned them away and the restrictive policies of banks in lending to purchasers and to developers.</p>
<p>The Urban Taskforce has produced a publication on the importance of jobs from the development industry to the NSW economy which demonstrates the extensive number of specialist jobs that are part of residential construction, including apprenticeships which provide valuable training and opportunities for young people.</p>
<p>We need to keep the economy performing strongly so that the jobs and the funds keep flowing to federal and state governments from GST and Stamp Duty taxes.</p>
<p><em><strong>Chris Johnson</strong> heads the Urban Taskforce, a property development industry group, representing Australia’s most prominent property developers and equity financiers.</em></p>
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cjohnson-8xfqfuuCSq

Sydney housing boom starting to slow - and jobs will take a hit: Chris Johnson

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<p>Sydney is nearing the point of the property cycle where after years as a sellers' market, it's becoming a buyers' market.</p>
<p>The shift to the buyer's favour comes because there's plenty of stock for sale, accompanied by a flailing auction success rate, and vendors prepared to drop their prices to secure their sale. Last month Sydney property values sat in negative annual growth territory, according to CoreLogic, albeit down 3.4% after around 75% growth since 2012.</p>
<p>Cooley Auctions' auctioneer Damien Cooley recently suggested a healthy auction market, where both sellers and buyers had equal bargaining positions, was between 50% and 60%.</p>
<p>That's where the market currently sits.</p>
<p>Cooley suggests it becomes a buyers' markets should clearance rates become less than 50%.</p>
<p>Buyers certainly are acting like the tide has turned.</p>
<p>It is not that buying has frozen due to any fears, just that home buyers have turned tough in their negotiations.</p>
<p>They are having to lower their buying expectations since they are discovering the banks won't lend everything they yearn for.</p>
<p>Sellers who engage inexperienced agents who've never dealt with a weakened market will be especially exposed as a buyers market puts sellers in an especially vulnerable position if they need to sell because they have already bought elsewhere.</p>
<p>It is not a time for sales' gimmicks, just realism.</p>
<p>It is a time for strong marketing so there's the increased prospect of the property being seen by the reduced numbers of active buyers, plus those potentials who have basically tuned out through months, or maybe years, of missing out.</p>
<p>There's also those passive buyers who don't consider themselves in the market, but could be tempted by what they see on offer.</p>
<p>It's likely fewer listings during the winter hibernation will slow the downward price momentum, but setting the right asking price is crucial for vendors who want to sell before spring volumes pickup.</p>
<p>Overall there's 26,000 offerings across Sydney - around 26% more stock than this time last year - which means buyers have more choice.</p>
<p>There were 22,000 listings at the start of last spring.</p>
<p>Discounting on asking prices is normal, however in an emerging slowing or falling market, the mismatch between asking and paid prices is likely to be at its highest, possibly due to pride or naivety.</p>
<p>CoreLogic currently puts the required discount before sale at 6.2% for private <span class="gmail-il">treaty</span> listings that are taking around 40 days. In March it was at a 5.6% discount and 31 days, and in March last year it was a 4.1% after just 27 days on market. </p>
<p>Little wonder buyers reckon the market is finally trending their way, so wise vendors might move to marginally underprice the market to get ahead of the emerging curve.</p>
<p><em>This article first appeared in </em>The Daily Telegraph. </p>
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jchancellor-FAypfDUnLy

Sydney market is changing from sellers' market to buyers' market 

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<p>Sydney fresh listings are finally higher than this time last year, according to CoreLogic.</p>
<p>All up Sydney listings are 23% up on the same time in 2017.</p>
<p>An early Easter has triggered the current spurt agents suggest, although it was too early for many potential vendors to hit the market.</p>
<p>Sydney and Perth are the only capitals where fresh 2018 listings are higher than the same time last year.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/19/new%20listings.jpg" alt=""></p>
<p>Sydney auction volumes were down by about 15% last weekend.</p>
<p>A preliminary auction clearance rate of 69.1% was recorded across the combined capital cities as auction activity ramped up this week, with a total of 1,963 homes taken to auction, increasing from the 1,490 auctions held last week when (based on final results) 63.7% cleared.</p>
<p>While auction activity has increased over the last couple of weeks coming out of the slowdown, volumes are increasing at a slower pace than what was seen over the equivalent period last year (2,291).</p>
<p> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/19/C1.jpg" alt=""></p>
<p>The reduced auction volume has helped boost the clearance rate in early 2018 auctions.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/19/C6.jpg" alt=""></p>
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Fresh Sydney listings above 2017 for first time this year: CoreLogic

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<p>Monthly national residential listings fell January 2018 by nearly 5%, according to SQM Research.</p>
<p>Listings dropped to 303,901 across the country, a total of a 6.2% decrease over the year.</p>
<p>The fall is not surprising, says SQM Research managing director Louis Christoper, given January is typically the quietest month of the year.</p>
<p>"Year-on-year, listings are much higher in Sydney, with more homeowners happy to list their properties compared to one year ago, and take profits.In Canberra, listings fell 6.2% while in Adelaide listings dropped 5.8%," he said.</p>
<p>"In Brisbane, stock on market fell by 3.9% with more modest falls in Perth of 2.1% and 1.3% in Darwin. In Hobart, listings were down by 2.6% over the month of January.</p>
<p>“Looking forward, with interest rates still at low levels and a possible expansion in lending by the banks, we expect a year of modest prices gains in Sydney and most other capital cities.</p>
<p>“The auction clearance rate results and the asking prices over the remainder of February will give us some good insight in terms of how the market has opened. While we did record a strong lift in asking prices in January, it has been based on a lower count of listings, so I will not read too much into the rise at this stage.”  </p>
<p>Melbourne was the only double digit monthly change in January, with listings dropping a near 14% from 28,895 to 24,881.</p>
<p>Sydney's listings have dropped 7% while Canberra and Adelaide each saw declines of around 6% in the month. Perth recorded the lowest monthly change with 2% listings decrease.</p>
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="77">
<p>City</p>
</td>
<td width="77">
<p align="right">JAN 2017 Total</p>
</td>
<td width="77">
<p align="right">DEC 2017 Total</p>
</td>
<td width="77">
<p align="right">JAN 2018 Total</p>
</td>
<td width="77">
<p align="right">Monthly change %</p>
</td>
<td width="77">
<p align="right">Yearly change %</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Adelaide</p>
</td>
<td nowrap width="77">
<p align="right">          15,675</p>
</td>
<td nowrap width="77">
<p align="right">          16,588</p>
</td>
<td nowrap width="77">
<p align="right">          15,620</p>
</td>
<td nowrap width="77">
<p align="right">-5.8%</p>
</td>
<td nowrap width="77">
<p align="right">-0.4%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Brisbane</p>
</td>
<td nowrap width="77">
<p align="right">          28,511</p>
</td>
<td nowrap width="77">
<p align="right">          30,040</p>
</td>
<td nowrap width="77">
<p align="right">          28,882</p>
</td>
<td nowrap width="77">
<p align="right">-3.9%</p>
</td>
<td nowrap width="77">
<p align="right">1.3%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Canberra</p>
</td>
<td nowrap width="77">
<p align="right">            3,003</p>
</td>
<td nowrap width="77">
<p align="right">            3,527</p>
</td>
<td nowrap width="77">
<p align="right">            3,307</p>
</td>
<td nowrap width="77">
<p align="right">-6.2%</p>
</td>
<td nowrap width="77">
<p align="right">10.1%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Darwin</p>
</td>
<td nowrap width="77">
<p align="right">            2,037</p>
</td>
<td nowrap width="77">
<p align="right">            2,055</p>
</td>
<td nowrap width="77">
<p align="right">            2,028</p>
</td>
<td nowrap width="77">
<p align="right">-1.3%</p>
</td>
<td nowrap width="77">
<p align="right">-0.4%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Hobart</p>
</td>
<td nowrap width="77">
<p align="right">            3,333</p>
</td>
<td nowrap width="77">
<p align="right">            2,426</p>
</td>
<td nowrap width="77">
<p align="right">            2,362</p>
</td>
<td nowrap width="77">
<p align="right">-2.6%</p>
</td>
<td nowrap width="77">
<p align="right">-29.1%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Melbourne</p>
</td>
<td nowrap width="77">
<p align="right">          28,249</p>
</td>
<td nowrap width="77">
<p align="right">          28,895</p>
</td>
<td nowrap width="77">
<p align="right">          24,881</p>
</td>
<td nowrap width="77">
<p align="right">-13.9%</p>
</td>
<td nowrap width="77">
<p align="right">-11.9%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Perth</p>
</td>
<td nowrap width="77">
<p align="right">          25,804</p>
</td>
<td nowrap width="77">
<p align="right">          25,277</p>
</td>
<td nowrap width="77">
<p align="right">          24,735</p>
</td>
<td nowrap width="77">
<p align="right">-2.1%</p>
</td>
<td nowrap width="77">
<p align="right">-4.1%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>Sydney</p>
</td>
<td nowrap width="77">
<p align="right">          21,633</p>
</td>
<td nowrap width="77">
<p align="right">          28,103</p>
</td>
<td nowrap width="77">
<p align="right">          26,150</p>
</td>
<td nowrap width="77">
<p align="right">-6.9%</p>
</td>
<td nowrap width="77">
<p align="right">20.9%</p>
</td>
</tr>
<tr>
<td nowrap width="77">
<p>National</p>
</td>
<td nowrap width="77">
<p align="right">        323,904 </p>
</td>
<td nowrap width="77">
<p align="right">        319,192 </p>
</td>
<td nowrap width="77">
<p align="right">        303,901 </p>
</td>
<td nowrap width="77">
<p align="right">-4.8%</p>
</td>
<td nowrap width="77">
<p align="right">-6.2%</p>
<p> </p>
</td>
</tr>
</tbody></table>
<p>The highest stock decrease from this time last year was in Hobart, with houses flying off the shelves.</p>
<p>Hobart's listings have dropped nearly 30% from 3,333 to 2,362 since this time last year.</p>
<p>Despite a near 7% monthly decrease, Sydney has 21% more stock than last January.</p>
<p>Canberra has the second highest stock increase, up 10%.</p>
<p>Melbourne's near 14% monthly change in the last month has contributed to its 12% decrease on amount of listings from this time last year.</p>
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