Spring in newly listed properties in September

Nearly 74,000 new listings were recorded last month, a rise of almost 12 per cent compared to August.

New listings rose by 11.9 per cent across the country in September compared to a month earlier as 73,812 properties hit the market, according to data from SQM Research.

During the first month of the spring property season, Sydney recorded a 23.1 per cent rise in new listings while a 31.4 per cent rise was reported for Darwin.

There were also single-digit rises in Melbourne (up by 9.9 per cent), Perth (up by 7.9 per cent), Adelaide (up by 6.0 per cent) and Brisbane (up by 4.0 per cent), while new listings fell by 15.9 per cent in Canberra and 5.8 per cent in Hobart. The number of new listings nationally remains 18.0 per cent higher than a year ago.

SQM Research reported that, while new listings had risen, the total number of listings nationwide was down by 0.6 of a percentage point compared to August 2021 and 25.9 per cent lower than September 2020.

“As we enter into the traditional spring selling season, there remains a shortage of listings across Australia,” said Louis Christopher, managing director at SQM Research.

“Demand continues to outstrip supply which is pushing up prices despite the uncertainties and restrictions surrounding COIVID-19.”

A monthly fall in total listings was recorded in Canberra (down by 8.7 per cent) and Brisbane (down by 5.8 per cent) while listings rose in both Sydney (up by 3.9 per cent) and Melbourne (up by 1.7 per cent).

Mr Christopher said he anticipated listings would rise in the next couple of months as lockdown restrictions are eased in Sydney and Melbourne.

“However, the expected rise in listings is unlikely to create a housing slowdown prior to Christmas, as low interest rates continue to stimulate the housing market and the expected economic uplift following the end of lockdown will also likely create stimulus for housing,” Mr Christopher said.

From Nestegg

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