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The Spring Selling Season is Taking Shape

Posted on 21 October 2015

Source:  CoreLogic

Now that Spring has arrived we are seeing a lift in the number of new listings. While this is to be expected new listings are now higher than they were a year ago in most capital cities.

CoreLogic RP Data counts the number of properties available for sale each week. These counts are based on a rolling 28 day view of advertised sales and look at new listings as well as re-listings, which combined, provide a total listings count. We classify a new listing as any property that we haven't previously seen advertised for sale over the past 6 months whereas re-listings are properties that have previously been advertised over the 6 month period.

The weekly listings data published looks at both houses and units as well as vacant land. In this week's Pulse we are looking only at listings for houses and units.

Over the past 28 days there were 26,829 new house and unit listings across the combined capital cities and 92,296 total listings. The number of new listings across the combined capitals is at its highest level since the week ending 22/03/15. Meanwhile total listings are at their highest level since the week ended 24/5/15.

Sydney - new listings are at their highest level since the week ended 30/11/14 and total listings are at their highest level since the week ended 14/12/14

Melbourne - new listings are at their highest level in two weeks while total listings are at their highest level since the week ended 7/6/15

Brisbane - new listings are at their highest level since the week ending 15/3/15 and total listings are at their highest level since the week ended 26/7/15

Adelaide - new listings are at their highest level since the week ended 3/5/15 and total listings are at their highest level since the week ended 16/8/15

Perth - new listings are at their highest level since the week ended 26/7/15 and total listings are at their highest level in four weeks

Hobart - new listings are at their highest level since the week ended 12/4/15 and total listings are at their highest level in almost 5 years, they were last this low over the week ended 10/10/10

Darwin - new listings are at their lowest level since the week ending 25/1/15 while total listings have been relatively flat over the past four weeks

Canberra - new listings are at their lowest level in 5 week while total listings are at their highest level in 2 weeks

New and total house and unit listings

City New Listings 12 Mth Change Total Listings 12 Mth Change
Sydney 8,371 18.8% 19,420 5.8%
Melbourne 7,830 3.8% 26,676 -3.8%
Brisbane 4,206 4.7% 16,078 -1.3%
Adelaide 1,964 4.1% 6,790 -3.4%
Perth 3,363 -14.8% 17,941 18.5%
Hobart 370 -1.3% 1,913 -18.0%
Darwin 180 -32.8% 1,514 14.3%
Canberra 545 5.8% 1,964 -8.9%
Combined Capitals 26,829 4.8% 92,296 2.1%

 

The table highlighted above shows diverse the listings trends are across each city. With vendor confidence remaining strong, new listing numbers are trending much higher in Sydney and Melbourne and along with Brisbane, Adelaide and Canberra new listings are higher than they were a year ago. Total listings are higher than a year ago in only Sydney, Perth and Darwin. The difference in the trend across Perth and Darwin is that vendor confidence is clearly softening, with new listing numbers trending lower while total listing numbers trend higher. The higher total listing numbers can be attributed to a slow rate of absorption as buyer demand continues to taper. Sydney and Melbourne in particular have been experiencing strong capital growth over the past three years. While total stock levels remain historically low, in these two cities there is some evidence that conditions may be starting to ease however, new listings continue to trend higher as vendors look to cash in on what have been very strong housing market conditions.

Over the remainder of the Spring Selling Season it will be interesting to see how these trends play out. Furthermore we will be watching closely to see if the elevated stock levels in certain markets have any significant impact on value growth and transaction volumes.

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