The number of new homes on the market is starting to slow with national property listings dropping 2.6 per cent in the lead up to summer while buyer appetite continues to soar.
The biggest falls in property listings were recorded in Brisbane, Darwin and Melbourne, according to SQM Research’s November results.
The only exception to the nationwide slowdown was Sydney and Canberra, coming off the back of lockdowns.
Despite lower stock numbers, buyer appetite remained high with old listings, those greater than 180 days, becoming a thing of the past, dropping 51.2 per cent for the year after a 7.3 per cent drop last month.
Many of the new properties on the market cleared at auction, with auction volumes reaching near-record highs in the last week of November and a record 6315 scheduled for this weekend.
Property listings: November
| Location | November | October | Monthly change |
|---|---|---|---|
| Sydney | 30,111 | 29,183 | 3.2% |
| Melbourne | 39,880 | 41,265 | -3.4% |
| Brisbane | 19,035 | 20,506 | -5.9% |
| Perth | 22,407 | 22,623 | -1.0% |
| Adelaide | 10,724 | 10,961 | -2.2% |
| Canberra | 2,973 | 2,862 | 3.9% |
| Darwin | 1,600 | 1,666 | -4.0% |
| Hobart | 1,300 | 1,309 | -0.7% |
| National | 233,716 | 239,866 | -2.6% |
^Source: SQM Research, November 2021
SQM managing director Louis Christopher said they had been expecting a fall after strong numbers for October.
“Just like this time last year, vendors were keen to sell before Christmas but in greater numbers,” Christopher said.
“Perhaps it is due to the lockups of July to October. It could also be due to more vendors believing we are at the top of the market in our two largest cities.
“Either way, selling activity remains very strong and will remain very strong right up to Christmas.”
While property prices were predicted to drop in Melbourne and Sydney, Brisbane prices were catching up—prices are expected to rise up to 16 per cent next year.
Article Source: www.theurbandeveloper.com
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