Competition for properties rampant as sellers spring into spring mode
Buyers are lining up at about two for every property for sale despite listings rising nationally through September, says SQM Research boss Louis Christopher.
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Homeowners are tentatively testing spring conditions and listing their properties for sale but not fast enough to meet buyers’ insatiable demand.
The number of new listings added to the market pool grew in six of the eight capital cities over September, totalling a rise of 11.9 per cent across the country, new figures from data firm SQM Research has shown.
Despite being in lockdown, both Sydney and Melbourne recorded increased activity, up 23.1 per cent and 9.9 per cent respectively. Canberra, however, ticked down 8.7 per cent likely due to inspection restrictions not lifted until midway through the month.
In the smaller markets, the number of properties available in Darwin rose 31.4 per cent, while Perth (up 7.9 per cent), Adelaide (up 6 per cent) and Brisbane each rose. Hobart fell 5.8 per cent.
SQM managing director Louis Christopher said the rise in Spring listing numbers has been not enough given the demand. Total listings fell 0.6 per cent across the country, suggesting buyers are still struggling to find the right property and resorting to purchasing properties that have been hanging around on the market.
The shortage of listings has been blamed for pushing property prices higher through the latest boom. Mr Christopher suggested the shortage means there are at least two buyers out there for every seller causing strong competition.
“As we enter into the traditional spring selling season, there remains a shortage of listings across Australia,” Mr Christopher said.
“Demand continues to outstrip supply which is pushing up prices despite the uncertainties and restrictions surrounding Covid-19.”
New listings numbers are expected to continue rising as lockdown restrictions end in the eastern states and vaccination rates deliver a Covid-normal selling environment.
“Going forward we now expect a rise in housing listings for October and November due to the imminent lifting of lockdown in Sydney and Melbourne,” he said.
“However, the expected rise in listings is unlikely to create a housing slowdown prior to Christmas as low interest rates continue to stimulate the housing market and the expected economic uplift following the end of lockdown will also likely create stimulus for housing.”
Originally published as Competition for properties rampant as sellers spring into spring mode
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