The traditional spring selling is underway according to SQM Research, with figures showing a solid jump in residential property listings September.
SQM’s figures show September totalled 347,358 residential listings, a 4.3% increase when compared with August’s 333,123. In year-on-year terms, residential listings across Australia rose 2.3% in the 12 months to September.
Over September listings rose in all Australian capital cities, led by Sydney’s 10.3% increase.
In Brisbane, listings rose 7.4% over September, while Canberra saw a 6.5% increase.
September saw a 5.1% increase in listings in Melbourne, while a listings increased 4.7% and 4.5% in Perth and Adelaide respectively.
Darwin’s total listings increased 4.3% over the month, while listings were up 2.9% in Hobart.
Hobart was the only city to see a yearly fall, with listing currently 10.2% lower than they were 12 months ago.
Sydney and Brisbane were easily home to the largest yearly increases, with listings up 13.2% and 12% respectively in the 12 months to September. Perth saw the next largest annual increase at 9.6%.
Listings rose 4.4% year-on-year in Adelaide and 4.2% in Melbourne. Canberra’s listings rose 4.1% in the year to September, while Darwin saw a 3.5% yearly increase.
According to SQM, Sydney and Melbourne remain the nation’s strongest property markets, while Hobart is also showing strong signs.
“Asking prices for property have jumped in Melbourne
, following on from strong price gains in Sydney
, where the insatiable appetite for property is being led by record low interest rates and strong population growth in both cities, especially in Melbourne,” the research house said.
“Leading the way, year-on-year results reveal Melbourne median asking prices have jumped 15.1% for houses and 4.8% for units compared to this time last year. Hobart
has also recorded yearly changes, with median asking prices for units climbing 25% from a year earlier and unit prices up 6.1%.”
While those markets may be improving, conditions continue to weaken in Perth and Darwin.
According to SQM Research, the median asking price for a house in Perth is $683,200, 5% lower than this time last year and in Darwin it is $619,700, 6.9% lower.