The number of homes up for grabs declined on a national level in June, with capital cities clocking significant declines, according to the latest report from SQM Research.
Property listings decreased by 1% monthly and 7.5% annually in June. Five capital cities experienced drops in property listings over the month except for Melbourne and Perth, while Brisbane remained steady.
Hobart recorded the sharpest monthly drop at 7.5%, followed by Canberra at 5.7% and Darwin at 5.3%. On an annual basis, Darwin registered the most significant decline at 22.2%.
The table below shows the listings in each capital city for the month:
Despite the fall in total listings, it appears like new listings have gone up in the month, said Louis Christopher, managing director at SQM Research.
“We have more new listings on the market compared to this time last year. Listings that were coming up to 90 days dropped the most, indicating that some of the older stock had either been withdrawn or was selling during June,” he said.
Christopher said while the decline in listings is not unusual for the month of June, the monthly fall in vendor asking prices is “far from normal.”
Even with the lower supply of homes, asking prices declined by 0.8% for houses and 0.4% for units on a monthly basis. In annual terms, however, asking prices rose by 8.8% for houses and 1.3% for units.
