Nationally, property listings decreased in September by 1.2 per cent from 293,053 listings in August 2020 to 289,566.  Compared to 12 months ago, listings were also down by 7.4 per cent.

SQM said most capital cities recorded decreases in property listings over the month with the exception of Sydney and Perth which recorded a 1.8 per cent and 0.9 per cent increase, respectively.

Melbourne recorded the biggest decline in property listings of 4.2 per cent in September as Stage 4 COVID-19 lockdown continued.  Brisbane recorded the lowest decline of 0.2 per cent.

For the year to date, Darwin was the worst (26.8 per cent) and Hobart (18.1 per cent), however Sydney recorded a large of 9.2 per cent increase.  Melbourne’s decrease was smaller at 0.2 per cent.  All other capital cities recorded declines over the 12 months.

“The fall in listings is a little abnormal for the spring season. It has been predominantly driven by two factors which include sharp falls in new listings for Melbourne over the month; as well a sizable falls in older listings across the country,” SQM said.

“This second reason may point to an increase in absorption rates. In other words, there may have been increases in buyer activity over the month.  There has also been other evidence of increases in buyer activity.

“This includes the rises in asking prices, the rises in auction clearance rates and the increases in housing finance approvals.

“Capital city average asking prices remained stable for both houses and units over the month to 6th October.  Average unit asking prices are $563,500 and houses $977,300.

“Compared with a year ago, the capital city asking prices posted an increase of 4.6 per cent for houses but declined by 0.6 per cent for units.”

Over the month, most capital cities recorded marginal asking price increases in houses and units.

Year on year, most capital cities recorded increases in house and unit asking prices.