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National residential property listings dropped in June 2021 by 4.0% to 236,218 from 245,953 in May 2021, with old stock being cleared nationwide as the number of buyers outstrips sellers, pushing up property prices around the nation.
The largest monthly falls in property listing in June were in Canberra, Hobart, Melbourne, and Adelaide.
Over the year, property listings are trending downwards nationwide, which is putting upward pressure on property prices as demand outstrips supply.
Compared to 12 months ago, national listings fell 21.6%, with the biggest falls in Hobart, Adelaide, Canberra, and Brisbane.
Key Points
National residential property listings fell in June 2021 by 4.0% to 236,218 from 245,953 in May. Compared to 12 months ago, listings dropped 6%.
Nationally, new listings (Less than 30 days) fell 9.1% over June, with 72,415 new properties added onto the market. New listings are up 26.2% over the year. Old listings dropped 6.1% in June and were down by 46.9% over the
Capital city asking house prices surged 2.8% over the four weeks to 29 June 2021, while unit prices gained 2%.
Total Listings
Nationally, new listings (Less than 30 days) fell 9.1% over June 2021 to 72,415 properties on the market, though they rose 26.2% over the year. New listings dropped the most in Melbourne followed by Canberra, down by 21.7% and 10.1%, respectively.
Over the year, new listings rose the most in Darwin, by 179.4% as they seek to take advantage of strong market conditions.
In a sign that older stock is clearing, property listings over 180 days dropped by 6.1% in June 2021 and they are down 46.9% over the year, with falls posted recorded in all capital cities, led by Canberra.
Notwithstanding the quieter winter season, property listings fell again in June following a drop in May.
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We have also seen another large fall in old listings this month, indicating the old stock is being sold and new property listings aren’t offsetting this fall.
This highlights there are more buyers than sellers in national property markets, and it also suggests the market remains strong despite the new outbreak in Covid19 cases and the end of Job Keeper and Home Builder earlier this year.
As demand outstrips supply, we are seeing strong rises in asking property prices, in capital cities and the regions, which is likely to continue through 2021.
Households are awash with cash, the jobless rate is falling.
So, we’d expect house price growth to remain strong with interest rates so low.
However, we note the current pace of the housing market is not sustainable over the long term.
And we also note the current worldwide housing boom, strongly suggesting this strong upturn in Australia has been driven largely by ultra-low interest rates and easier lending standards. In time, there will be a change in these monetary settings which will trigger a downturn.
Asking Prices
Over the month to 29 June 2021, national asking prices rose by 0.7% for houses and 1.3% for units.
Over the year, national asking house prices jumped 14.1%. Asking unit prices rose 7.0%, though an oversupply of units in Melbourne saw a slight fall in asking unit prices there.
Capital city asking house prices rose 2.8% over the month to 29 June, while unit prices rose 2.2%.
Over the year, unit asking prices in capital cities have risen 0.4%, while capital city house prices rose 9.0% over the year, with Sydney and Hobart leading the house price gains.
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Read more: propertyupdate.com.au