Melbourne, Hobart asking prices still rising while Sydney stalls
Asking prices for Sydney properties took a breath last week, even as auction clearance rates remained high.
Vendor asking prices across Australia’s capitals rose 1.6% for houses in January, while falling 0.4% for units, according to SQM Research. While Sydney has driven much of the country’s demand for property, asking prices in the city pulled back slightly for the month. Asking prices for Sydney houses were down 0.8%, while unit asking prices edged down 0.2%.
“We believe this is just a minor and momentary pull back from the 5% rises recorded in the month of January. The 12 month change of 11% for houses (8.3% for units) is more in line with APM and Residex reporting of Sydney’s annual dwelling price changes. Auction clearance rates for Sydney remains very strong suggesting demand remains buoyant,” SQM Research managing director Louis Christopher said.
Melbourne also saw unit prices decline slightly, down 0.5% for the month. Asking prices for houses, meanwhile, rose 1.2%.
“The gap in price change between Melbourne houses and units has been widening of late which could be attributed to the sharp increases in unit completions over the past 12 months,” Christopher said.
Hobart remains one of the country’s top performing markets. Asking prices for houses were up 1.5% for the month, while unit asking prices rose 5%.