SQM Research reported a notable 8.3% drop in nationwide residential property listings in June, with the total decreasing to 231,799 from 252,757 in May.
Adelaide saw the largest drop at 15.4%, followed by Melbourne and Perth at 11.9%.
Darwin had the smallest decline at 1.3%.
Over the year, total listings increased by 0.7%, with Sydney and Melbourne seeing rises, but Adelaide and Perth experiencing significant drops.
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New property listings (less than 30 days) fell by 13.3% in June, totaling 65,190 properties. Compared to June 2023, there was a 3.1% increase.
Sydney, Melbourne, Brisbane, and Canberra showed annual increases, while Perth, Adelaide, and Darwin saw declines. Hobart had the most significant annual growth at 25.5%.
Older property listings (over 180 days) decreased by 6.6% in June, with notable reductions in Brisbane, Canberra, and Sydney.
Perth showed a dramatic 58.1% annual decrease. Despite these drops, there was a slight 3.5% increase in older listings nationwide over the past year, with significant rises in Hobart, Canberra, and Darwin.
Distressed property listings in Australia slightly increased to 5,111 in June, marking a 0.2% rise from the previous month.
NSW saw a decrease, while Victoria, SA, and NT recorded increases.
Annually, NSW and Victoria had significant increases, while Queensland, WA, and SA saw declines.
“This is the standard winter lull effect we see in the Australian housing market at this time of year so no great surprise in these numbers,” said Louis Christopher (pictured above), managing director of SQM Research.
The national combined dwelling asking price fell by 1.5%, recording a median of $837,820, according to SQM Research. However, capital cities saw a 0.5% increase.
Brisbane and Perth experienced significant monthly increases, while Darwin and Hobart saw declines or stability.
Canberra recorded a robust annual rise of 13.0%.
“While the housing market may be slowing in Sydney and Melbourne, the same cannot be said for these three cities,” Christopher said.
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