Property listings fall in March

Adam Smith 6 April 2016

Property listings fall in March

Residential property listings are down for the year across Australia, but one capital city has seen a huge uplift in properties for sale.

National residential property listings have fell across the nation in March, according to new data from SQM Research. Listings nationwide were down 0.8% for the month, to bring them to a 1.8% decline for the year. Canberra led the decline, with listings in the city falling 6.1% for the month.

But while listings for the year were down across the nation as a whole, several capital cities saw significant rises in the number of properties for sale. Sydney’s residential listings rose by 14.7% for the year, while Darwin saw a 5.9% increase and Brisbane saw a 3.3% rise.

Properties for sale were scarcer in Hobart, where residential listings fell 8.7% for the year. Melbourne also saw a decline, with listings falling 4.6% year-on-year.

With fewer residential listings on offer, property asking prices in Melbourne have seen a significant yearly rise. The average asking price for a house in Melbourne rose 12.4% for the year, to $735,800. By contrast, asking prices fell for houses in Perth and Darwin, declining 4.9% and 4.8%, respectively. Across the nation, the average asking price for houses was up 2.3% for the year, while the average asking price in capital cities rose 6.2%.

Source: SQM Research

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