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Data collected by SQM Research shows that dwelling listings rose by 1.9 per cent to 331,407 listings over the month of June, thanks in part to a big push in Brisbane.
Buyers in Sydney and Brisbane should be happy as stock rose the most in these capital cities, with respective rises of 3 per cent and 3.8 per cent recorded, opening up a variety of properties to choose from.
Meanwhile, Hobart was the only capital city to record a decline of 0.1 of a percentage point, putting the capital down to 25.8 per cent for the year.
With greater overall supply, however, properties are selling for less, according to Louis Christopher, managing director of SQM Research, as the capital city average asking price for houses declined by 1.4 per cent to $962,600, but unit asking prices saw a slight rise of 0.2 of a percentage point up to $580,000.
“We are seeing more property being listed in Sydney and Melbourne compared to a year ago, which is pushing down asking house prices in both cities. Even in Hobart, price growth has slowed despite the ongoing shortage of properties for sale there,” Mr Christopher said.
As Hobart’s stock declined, the city saw its asking price for houses rise for over the month by 2.4 per cent to $488,600, the highest percentage increase for the month.
Following Hobart was Canberra with a rise of 1.9 per cent to $881,7000, then Brisbane with a rise of 0.6 of a percentage point to $617,000.
Meanwhile, Sydney saw the largest percentage decline in asking price for houses, by 1.4 per cent to $1,348,500, followed by Melbourne with a decline of 1.3 per cent to $990,800, and then Perth with a decline of 1.1 per cent to $675,000.
With the overall rise of 0.2 of a percentage point, the capital cities with the highest percentage increase over the last month for asking price was Melbourne, which rose by 0.7 of a percentage point to $545,800.
Following was Sydney at 0.2 of a percentage point, the only other unit rise.
Despite a comparatively big rise for house asking prices, Hobart’s asking unit prices had the biggest decline out of all the capital cities, down by 3 per cent to $296,900.
Following this was Canberra at 1.3 per cent to $406,100; Darwin at a decline of 0.5 of a percentage point to $375,000; Adelaide at a decline of 0.5 of a percentage point to $300,800; Perth at a decline of 0.4 of a percentage point to $397,100; and Brisbane at a decline of 0.1 of a percentage point to $381,400.
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