The number of Australian residential properties for sale steadied during November which is an “unusual” result, says a property research company.
Nationally, the number of unsold properties on the market was recorded at 363,853 for November – recording no change from October and a 1.4% decrease from November 2013. SQM Research, who conducted the report, said this is an unusual result for this time of year.
However, taking into account the surge in listings during October and the slow start to the selling season back in September, this could be a sign that stock in being absorbed at a faster right than previous months.
All capital cities recorded minor changes over the course of the month, with Perth revealing the highest monthly change – 2.6% up in stock levels during November, which is in line with the direction that SQM Research believes Perth to be taking in recent periods as a result of the downturn in mining.
Comparing results year-on-year, Darwin’s figures continue to be quite alarming, recording a 25.9% increase since the corresponding period in 2013. SQM Research also attributes this to the slump in Australia’s commodities boom.
Sydney has taken a dive in the opposite direction on a yearly basis, dropping by -8.1% since November 2013 – a result indicative of an ongoing strong sales market. Alongside this, the current asking price of houses in Sydney has remained over one million dollars over the course of the month, with an asking price of $1,003,200.