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Sydney property listings hit the highest level since the GFC

Business Insider Australia logo Business Insider Australia 4/09/2018 David Scutt
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  • The number of Sydney homes for sale jumped by 30.4% in the year to August, leaving total listings at the highest level since the GFC, according to SQM Research.
  • Melbourne listings also rose strongly, increasing by 25.3% from 12 months earlier.
  • SQM says Sydney and Melbourne house prices fell 2.1% and 1.2% respectively in the month to September 4.

If you're in the market to buy a home in Sydney, you're in luck.

Not only are prices falling, the amount of properties listed for sale across the city has risen to the highest level since the GFC.

According to data provided by SQM Research, total listings in Sydney rose by 10.9% in August, leaving the increase on a year earlier at 30.4%.

"Sydney residential property listings are now at the highest level recorded since February 2009, surpassing the peak in listings recorded during the 2010-12 housing downturn," said Louis Christopher, Managing Director of SQM Research.

Like Sydney, the total number of listings in Melbourne has also grown substantially over the year, increasing by 25.3%.

As seen in the table below from SQM Research, with the exception of Hobart and Darwin, listings also increased in all of Australia's remaining capitals over the past 12 months.

a screenshot of a cell phone © Supplied

All capitals saw an increase in listings during August, an outcome Christopher said was partially inflated by an unusually large number of weekends that occurred last month.

"[The] numbers were inflated by five weekends falling during August, up from four in July. That made a significant difference to stock levels," he said.

However, that wasn't the only reason behind the Sydney and Melbourne-led increase seen last month.

"Some home owners are readying for a sale and want to list their homes sooner rather than later before prices fall any further, especially in Sydney, where asking house prices are down 2.1% over the month to 4 September," Christopher said.

"That is also true of Melbourne where the property market has slowed, reflected in a 1.2% drop in asking house prices over the month."

From a broader perspective, SQM said average asking prices nationally fell 1.9% for houses, and 0.5% for units, to $942,800 and $573,600 respectively in the month to September 4.

There's more information at SQM's website here.

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