The number of new listings is higher than a year ago but the total number of listings is lower, according to CoreLogic data. The number of properties advertised for sale is now showing substantial differences between regional and capital city markets, as well as between individual capital cities.
Research analyst Cameron Kusher noted that comparing the capital city and national listing figures indicates that the number of new listings is being driven higher primarily by capital city markets, while total listings are lower fuelled by falls in stock across regional housing.
“The listing data indicates that the reduction in properties for sale is largely being driven by the regional housing markets rather than the capital cities,” he said.
At a national level, as at 16 July, there were 37,849 new listings over the past 28 days and 219,039 total listings. New listings were 2.3 per cent higher than a year ago, while total listings were six per cent lower.
Across the combined capital cities there were 23,138 new listings, 5.7 per cent higher than a year ago, and 101,443 total listings, which was -0.4 per cent lower than a year ago.
The CoreLogic listings research shows the number of properties advertised for sale at specific points in time over each of the past six years, with the current growth phase commencing in June 2012. They provide an indication of stock levels before growth commenced, and how this has evolved throughout the value growth phase.
Across the capital cities, there are some dramatic differences in the number of properties available for sale relative to recent years:
- Sydney: Vendors have become more active across Sydney, with new listing numbers rising almost 17 per cent compared with a year ago, while total advertised stock levels across the city have risen to 21,300, 13.3 per cent higher than the same time last year. Sydney’s advertised stock levels are now higher than they have been over the last three years, providing buyers with more choice and potentially less urgency in their decision-making.
- Melbourne: There are currently more vendors bringing their properties to the market, with new listings up 10.8 per cent from last year to 7,091 and 27,191 total properties listed for sale, 0.1 per cent higher than a year ago. Although both new and total listings are higher than they were last year, they are both lower than they were in 2015.
- Brisbane: There are currently 3,906 new and 19,547 total properties advertised for sale across the city. New listings are -2.9 per cent lower than a year ago and at their lowest level for this time of year since 2013. Total listings are -1.3 per cent lower than they were a year ago; however, they are higher than the preceding three years.
- Adelaide: Over the past 28 days there were 1,792 new and 8,116 total properties advertised for sale in the city. New listings are slightly higher (1.9 per cent) than they were a year ago, while total listings are 0.6 per cent higher than last year and at their highest level for this time of year since 2013.
- Perth: The city currently has 3,028 new and 20,476 total properties advertised for sale. The number of new properties advertised for sale is -12.9 per cent lower than a year ago and at its lowest level for this time of year since 2012. The total number of properties advertised for sale remains elevated; however, there are -10.7 per cent fewer properties available for sale relative to last year despite total listings being higher than each of the other previous years shown.
- Hobart: There are currently 324 newly advertised properties for sale in the city. The number of new listings is 10.2 per cent higher than a year ago; however, new listings are lower than they were in each of the years between 2012 and 2015. There are 1,271 total properties listed for sale in Hobart, which is -29.2 per cent lower than at the same time a year ago. There has been an ongoing decline in the number of properties for sale in Hobart over recent years with total listings -62.6 per cent lower than they were at the same time in 2012.
- Darwin: Over the past four weeks there were 192 new properties advertised for sale and 1,640 total properties listed for sale. The number of new properties for sale is 13.6 per cent higher than a year ago but lower than each of the four years previous to last year. Total listings are marginally higher than a year ago (0.2 per cent) and higher than each of the years since 2012. In fact, total listings are 62.9 per cent higher than they were in 2012.
- Canberra: Over the past 28 days there were 580 newly advertised properties for sale, which was 33.6 per cent higher than at the same time last year. New property listings are currently higher than at this time each year since 2012. The last four weeks have seen 1,872 total properties advertised for sale in Canberra, 14.8 per cent higher than a year ago. Although total listings are higher than a year ago, they remain lower than in each year from 2012 to 2015.
This Week’s Auction preview
Victoria has all the busiest suburbs for auctions this week, with 16 properties scheduled to go under the hammer in Craigieburn, followed closely by Glen Waverley (15), Werribee (13), and Epping and Mount Waverley both set to host 12 auctions each.
Auction activity across the combined capital cities is set to remain somewhat steady this week, with 1,581 properties scheduled to go to auction, decreasing slightly when compared to last week’s 1,627 auctions and higher than the 1,329 auctions held over the same week last year.
In Melbourne, week-on-week activity will remain relatively unchanged, with 757 auctions scheduled across the city, up only slightly from the 756 held last week.
In Sydney, volumes will fall over the week, with 569 homes scheduled to go to auction, down from the 609 auctions last week.
Activity across the remaining capital cities will be mixed this week, with volumes expected to increase in Adelaide and Canberra, while Brisbane, Perth and Tasmania will see fewer auctions held this week compared to last.
Last week’s auction results
Last week, the combined capital city final clearance rate rose slightly to 69.4 per cent, from 68.4 per cent the previous week.
Across Melbourne, the final clearance rate increased to 74.9 per cent last week from 72.9 per cent the previous week, remaining strong relative to Sydney where clearance rates have been trending below 70 per cent for the last six weeks.
The final auction clearance rate for the city increased week-on-week, with 69.2 per cent of auctions clearing, up slightly from the previous week’s 68.6 per cent. Volumes across both markets were lower week-on-week, with 756 auctions held across Melbourne, down from 818 the previous week, and 609 Sydney auctions held last week, falling from the 656 held the week prior.
The remaining capital cities all saw an improvement in clearance rates last week when compared with the previous week. The Wollongong region was the best performing non-capital city region last week in terms of clearance rate with 76.5 per cent of auctions successful, while Geelong had the highest number of auctions at 42.
