Key takeaways
New property listings rise 5.4% to 77,622 dwellings
Total listings fall 2.3% amid a 2.2% decline in old listings.
Asking prices bounce 0.7% after falls over winter.
On a national level, the asking prices are increasing slightly.
Houses are up by 0.5% and units by 1.6%.
The combined national change is a modest 0.7%.
The average asking price across all capital cities shows a 0.9% increase.
Still, there was a 1.3% rise in unit prices and a 0.8% increase in house prices.
Sydney recorded steady asking prices for the week ending October 1, 2024.
House asking prices increased by 0.4%, with a slight 1.1% rise for units.
The combined change for the city was 0.5%. Melbourne’s asking prices were also steady, with house prices increasing by 0.5% over the month while units rose by 0.1%.
The combined change for Melbourne was a 0.4% increase.
In contrast, Brisbane stood out with a 2.0% increase in asking prices for houses.
Unit prices rose by 2.6%, leading to a combined increase of 2.1%.
Perth’s housing market continues to record significant growth, with a 1.8% increase for units and 1.0% for houses.
The overall combined increase for Perth is 1.1%, reflecting robust demand.
Adelaide is another city with a notable increase, particularly in houses, which rose by 0.9% over the month.
The combined change for the city is 0.8%.
Canberra’s housing market is under pressure, with a -0.5% drop in house prices.
The combined asking price has decreased by -0.2%.
Hobart presents a mixed picture with a small decrease of -0.4% in house prices while unit prices increased by 0.1%, resulting in a combined fall of -0.3%.
Darwin saw an increase in asking prices, with house prices up by 2.6% and unit prices up by 0.6%, leading to a combined increase of 2.0%.
Nationally, the general trend shows a slight increase in the average asking prices, reflecting varying market dynamics across different capital cities.
Meanwhile, the total number of listings for the month has declined.
According to recent data, September 2024 recorded a 2.3% decrease in nationwide residential property listings, bringing the total to 243,739 properties, down from 249,523 in August 2024.
Various cities experienced notable changes in their listings compared to the previous month.
Melbourne recorded the largest monthly decrease in total listings, falling by 3.5%.
Brisbane and Perth followed with decreases of 6.5% and 4.8%, respectively.
Adelaide and Hobart recorded decreases of 5.8% and 3.6%, respectively.
Darwin experienced the most significant decline at 8.6%.
Conversely, Canberra experienced a monthly increase of 1.5%, and Sydney saw a minimal increase of 0.7%.
Over the course of a 12-month period, there was a 0.7% decrease in total listings.
Sydney and Melbourne now record 7.9% and 7.2% more listings compared to this time last year.
Conversely, Perth and Adelaide report 12-month decreases of 31.0% and 22.8%, respectively.
Brisbane and Darwin also recorded decreases of 10.7% and 15.6%, respectively.
On the other hand, Canberra experienced a notable 15.3% increase in listings, while Hobart saw a 5.0% rise.
Total Listings of Properties for Sale
| City | September 2024 Total | August 2024 Total | September 2023 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 34,035 | 33,790 | 31,542 | 0.7% | 7.9% |
| Melbourne | 40,251 | 41,729 | 37,536 | -3.5% | 7.2% |
| Brisbane | 17,033 | 18,224 | 19,066 | -6.5% | -10.7% |
| Perth | 12,454 | 13,078 | 18,047 | -4.8% | -31.0% |
| Adelaide | 7,711 | 8,190 | 9,988 | -5.8% | -22.8% |
| Canberra | 4,305 | 4,241 | 3,735 | 1.5% | 15.3% |
| Darwin | 1,450 | 1,587 | 1,719 | -8.6% | -15.6% |
| Hobart | 2,774 | 2,878 | 2,641 | -3.6% | 5.0% |
| National | 243,739 | 249,523 | 245,445 | -2.3% | -0.7% |
Source: SQM Research
New Listings
Nationally, new listings (less than 30 days) recorded a 5.4% increase in September 2024, reaching 77,622 properties, up from 73,665 in August 2024.
This upward trend was visible in several key markets. Yearly data reveals no change in new listings compared to September 2023.
Among the notable monthly changes, Darwin led the growth with a 25.8% increase in new listings, followed by Canberra, which recorded a 7.1% rise.
Perth and Hobart also experienced growth, with increases of 3.7% and 5.0%, respectively.
Sydney saw a 3.0% rise, while Brisbane experienced a marginal decrease of 0.7%.
Conversely, Melbourne saw a significant decline in new listings, falling by 6.3%, and Adelaide recorded a minimal decrease of 0.3%.
In terms of yearly performance, Brisbane saw the highest rise with an 8.6% increase, followed by Sydney with an 8.2% rise.
Canberra and Hobart recorded increases of 5.2% and 5.0%, respectively.
Conversely, Darwin experienced the most significant annual decline, with a 29.6% decrease in new listings.
Perth and Adelaide followed with declines of 11.9% and 14.9%, respectively.
Melbourne also saw a modest yearly increase of 2.7%.
The national comparison shows that the number of new listings remained flat over the 12-month period.
New Listings of properties for sale (less than 30 days)
| City | September 2024 Total | August 2024 Total | September 2023 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 16,797 | 16,306 | 15,531 | 3.0% | 8.2% |
| Melbourne | 17,033 | 18,178 | 16,580 | -6.3% | 2.7% |
| Brisbane | 8,088 | 8,146 | 7,450 | -0.7% | 8.6% |
| Perth | 5,830 | 5,621 | 6,615 | 3.7% | -11.9% |
| Adelaide | 4,054 | 4,067 | 4,766 | -0.3% | -14.9% |
| Canberra | 1,907 | 1,780 | 1,812 | 7.1% | 5.2% |
| Darwin | 283 | 225 | 402 | 25.8% | -29.6% |
| Hobart | 524 | 499 | 682 | 5.0% | -23.2% |
| National | 77,622 | 73,665 | 77,621 | 5.4% | 0.0% |
Source: SQM Research
Old Listings
In September 2024, older listings (properties listed for over 180 days) recorded a slight 2.2% decrease over the past month, totalling 70,476 properties, down from 72,084 in August 2024.
Most cities saw a reduction in older stock during the month, with Canberra being an exception, leading to a 13.3% increase.
Hobart followed with a 4.6% rise, and Melbourne saw a 4.7% increase.
Despite these monthly changes, notable yearly trends were apparent.
Brisbane experienced a significant -33.5% decline in older listings compared to September 2023, and Perth saw an even more dramatic yearly decrease of 59.0%, indicating a substantial reduction in long-term unsold properties.
Adelaide also reported a yearly decline of 27.7%.
Overall, the national trend indicates a 4.9% increase in older property listings over the past year, reflecting varying market dynamics across different cities.
The increase in older listings in some cities might suggest a cooling in certain segments of the market, where properties are taking longer to sell.
However, significant declines in cities like Perth and Brisbane indicate a reduction in older stock, potentially due to successful sales or market adjustments.
Nationally, the old stock trend highlights both market cooling in some areas and positive absorption in others.
| City | Sep-24 | Aug-24 | Sep-23 | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 4,915 | 5,022 | 4,951 | -2.1% | -0.7% |
| Melbourne | 8,051 | 7,692 | 7,378 | 4.7% | 9.1% |
| Brisbane | 1,641 | 1,818 | 2,469 | -9.7% | -33.5% |
| Perth | 1,310 | 1,459 | 3,198 | -10.2% | -59.0% |
| Adelaide | 998 | 1,115 | 1,380 | -10.5% | -27.7% |
| Canberra | 657 | 580 | 423 | 13.3% | 55.3% |
| Darwin | 607 | 694 | 550 | -12.5% | 10.4% |
| Hobart | 1,117 | 1,068 | 943 | 4.6% | 18.5% |
| National | 70,476 | 72,084 | 67,162 | -2.2% | 4.9% |
Source: SQM Research
Distressed Listings
As per SQM Research’s August 2024 report, the number of residential properties sold under distressed conditions in Australia slightly increased to 5,123, reflecting a 1.0% rise from the previous month.
The state-by-state data reveals notable differences.
NSW recorded a 1.6% increase in distressed listings, while VIC saw a slightly higher rise of 2.4%.
QLD experienced a modest -2.3% decline, and WA had a 4.4% increase.
SA observed a 2.0% rise, whereas the ACT remained stable with no change in distressed listings.
NT reported a -1.7% decrease, while TAS had the largest monthly increase at 9.4%.
For the 12-month period, NSW and VIC saw increases of 13.0% and 26.0%, respectively.
In contrast, QLD, WA, and SA witnessed declines of -13.7%, -16.5%, and -19.0%.
The ACT experienced a significant 61.1% increase, while TAS saw a 34.7% rise, and NT had a slight yearly increase of 1.7%.
Distressed Property Listings
| State | 24-Aug Total Listings | Monthly change | Yearly change |
|---|---|---|---|
| NSW | 1,233 | 1.6% | 13.0% |
| VIC | 1,026 | 2.4% | 26.0% |
| QLD | 1,604 | -2.3% | -13.7% |
| WA | 785 | 4.4% | -16.5% |
| SA | 201 | 2.0% | -19.0% |
| ACT | 29 | 0.0% | 61.1% |
| NT | 117 | -1.7% | 1.7% |
| TAS | 128 | 9.4% | 34.7% |
| National | 5,123 | 1.0% | -1.1% |
Source: SQM Research
Asking Prices
Sydney Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,917,235 | -1.235 | 0.0% | 3.9% |
| All Units | 817,609 | -4.209 | -0.3% | 9.1% |
| Combined | 1,472,811 | -2.437 | 0.0% | 4.7% |
Source: SQM Research
Melbourne Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,238,039 | 1.961 | 0.1% | 4.9% |
| All Units | 609,971 | 0.419 | -0.3% | 3.8% |
| Combined | 1,041,193 | 1.478 | 0.0% | 4.5% |
Source: SQM Research
Perth Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,063,218 | 7.371 | 2.8% | 25.1% |
| All Units | 556,073 | 0.839 | 0.5% | 22.3% |
| Combined | 931,048 | 5.669 | 2.5% | 24.5% |
Source: SQM Research
Brisbane Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,159,379 | 2.962 | 2.3% | 17.9% |
| All Units | 643,702 | -0.202 | 0.8% | 20.4% |
| Combined | 1,030,703 | 2.173 | 2.1% | 18.2% |
Source: SQM Research.
Adelaide Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 946,041 | 9.961 | 2.1% | 21.4% |
| All Units | 467,732 | 4.168 | 1.4% | 10.1% |
| Combined | 860,199 | 8.921 | 2.0% | 20.1% |
Source: SQM Research
Canberra Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,175,647 | -7.035 | -2.6% | 7.5% |
| All Units | 590,422 | 4.328 | 0.5% | -1.4% |
| Combined | 961,834 | -2.884 | -1.9% | 5.0% |
Source: SQM Research
Darwin Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 653,674 | 5.926 | -0.4% | -3.6% |
| All Units | 382,089 | -0.423 | 0.6% | 1.6% |
| Combined | 547,056 | 3.434 | -0.1% | -2.3% |
Source: SQM Research
Hobart Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 790,593 | 3.497 | 0.8% | -1.9% |
| All Units | 492,492 | 6.417 | -2.8% | -0.4% |
| Combined | 745,591 | 3.938 | 0.4% | -1.8% |
Source: SQM Research
National Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 935,263 | 1.344 | 0.3% | 8.0% |
| All Units | 556,394 | -1.606 | 0.4% | 8.3% |
| Combined | 853,993 | 0.711 | 0.3% | 7.9% |
Source: SQM Research
Capital City Average Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,390,085 | 1.057 | 0.7% | 7.7% |
| All Units | 690,777 | -2.514 | -0.2% | 9.1% |
| Combined | 1,183,796 | 0.004 | 0.6% | 7.7% |
Source: SQM Research
Final note…
The housing markets in Sydney and Melbourne continue to slow, driven by some caution from home buyers and uncertainty by home sellers who have become a little more negotiable in recent weeks.
Going forward, the Spring selling season will provide a significant level of choice for buyers, particularly in Sydney and Melbourne with listings at their highest levels in some years
