Mortgage Business
Property listings down as prices rise By Sarah Simpkins 07 June 2021
National residential property listings dropped by 6.3 per cent in May, while asking prices continued to climb.
There were 245,953 property listings in May, according to a new report from SQM Research, down from 262,617 in April.
The listings had dropped by 6.3 per cent month-on-month. And for the year to May, the total had declined by 19.2 per cent.
Louis Christopher, managing director of SQM Research, commented that the fall in property listings had been due to “strong market conditions”.
“We have also seen a big fall in old listings during the month, indicating that old stock is getting moved everywhere,” Mr Christopher said.
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SQM Research has released its Stock on Market data for May which revealed a hefty 6.3% decline in for sale listings over the month to be down 19.2% year-on-year:
Total property listings collapse.
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Old property listings drove the collapse.
By comparison, new property listings only fell by 2.4% in May, but were 54.1% higher year-on-year:
New property listings surged over the past year.
According to SQM Research Managing Director, Louis Christopher:
“Property listings fell in May due to strong market conditions. We have also seen a big fall in old listings during the month, indicating that old stock is getting moved everywhere. The downward trend in old listings suggests strong absorption rates, so new property listings are not completely offsetting the falls in old listings, indicating there are more buyers than sellers in the marke
House prices are rising at the fastest rate since the late 1980s. But it might only be the first stage of the rocket that is the nation’s property boom.
Queenslandâs rental crisis set to persist
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Queenslandâs rental crisis has worsened to a point where it is now more expensive to rent a house on the Gold Coast than in Sydney, and the chronic shortage of available properties could last for at least three years, experts say.
The median asking rent for houses on the Gold Coast has jumped to $754 a week as at the week of May 20, compared with $663 in Sydney, the SQM Research data shows.
Rental rates for houses in Maleny, Queensland, have jumped by 55.2 per cent in the past 12 months amid scarce rental supply.Â