By
The total number of residential properties listed for sale in Australia fell by 6.4% in April, according to the latest data from SQM Research. The listings dropped from 256,000 in March to 239,660, reflecting a notable reduction during the holiday periods.
April's data indicates a 15.7% decrease in new property listings that are less than 30 days old, totaling 66,871 properties. This reduction was observed across all major cities, with the most significant drops in Sydney, Canberra, and Hobart, which saw declines of 19.8%, 16.3%, and 26.7%, respectively.
While new listings experienced a significant dip, older listings saw an 8.8% increase over the past 12 months. However, most cities recorded a decrease in older stock during the month, showing a stabilizing trend in older listings.
The report also highlighted a slight decrease in distressed property listings, with the count dropping to 5,256. This marks the second consecutive decrease in distressed activity nationwide, although Tasmania showed an increase, rising by 17.7% for the month and 27% annually. Other regions like Victoria and Western Australia reported declines in distressed listings.
Despite the overall reduction in listings, the national combined dwelling asking price rose by 0.5% to a median of $837,202. This was bolstered by a 0.2% increase in capital city asking prices, which are up by 8.6% compared to April 2023. However, Sydney, Melbourne, and Darwin each reported a decrease in asking prices for the month.
"Listings were down in April largely due to the school holiday and Easter period. However, we are seeing a continued year-on-year rise at the national level. Asking prices, although they rose nationally, fell in our two largest capital cities, signaling some vendor caution and an eagerness to meet the market,” said Louis Christopher, managing director of SQM Research.
This adjustment in the housing market comes at a time when market participants realize that an interest rate cut may not be forthcoming, adding to the cautious sentiment prevailing among buyers and sellers alike.
“As we look ahead, we expect market caution to increase over the winter months, and we do not rule out some housing price falls in our largest capital cities for the second half of 2024,” Christopher said.
