The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialLindsay SaundersTue 04 Oct 22

More Homes Spending Longer on Market

sqm research september 2022 cronulla sydney

Homes are taking longer to sell with listings of more than 180 days up over 9 per cent last month.

According to data for the month from SQM Research, the number of older listings rose by 9.2 per cent to more than 55,272 dwellings.

National residential property listings rose for the month by 5.8 per cent to 242,159 properties from 228,945 recorded in August. 

While that figure was down by 6.8 per cent over the year nationally, Hobart and Sydney recorded a significant increase of 49.4 per cent and 26.4 per cent for the past 12 months. 

The largest monthly increases in listings were in Hobart, Canberra and Brisbane with 17.4 per cent, 12.7 per cent and 7.3 per cent respectively.

For the year, Hobart, Canberra and Sydney property listings were all up, by 71.1 per cent, 41.2 per cent and 36.2 per cent respectively.

The overall increases were due to the overall increase in old listings, according to SQM. 

Nationally, new listings (less than 30 days) rose 3.8 per cent over September to 73,461 properties on the market.

Hobart at 26.4 per cent and Canberra at 21 per cent recorded the largest increase in new listings for the month, while for the year Canberra, Hobart and Melbourne were up by 34.4 per cent, 29.2 per cent and 22 per cent.

Total property listings

CitySept 2022August 2022Sept 2021Monthly change %Yearly change %
Sydney31,67430,07723,505.336.2
Melbourne37,78535,74432,9905.714.5
Brisbane21,58520,108119,5987.310.1
Perth21,81421,05320,8673.64.5
Adelaide9963951910,3404.7-3.6
Canberra31952834226312.741.2
Darwin1761166915795.511.5
Hobart20271726118517.471.1
National242,159228,945214,5665.812.9

Source: SQM Research

“Older property listings are accumulating as a direct result of the national housing downturn,” SQM managing director Louis Christopher said.

“It is due to the fact there are currently more sellers than buyers in the national housing market.

“And that downturn continued into September. The downturn still continues to persist, even while we are seeing some stability with weekly auction clearance rates and asking prices. 

“There was also a pick-up in new listings, particularly for the Melbourne, Adelaide, Canberra and Hobart housing markets—that was to be expected, given we have entered into the spring selling period.

“New listing numbers are actually down on the long-term average activity recorded for a typical spring selling season.”

SQM also found that as of October 4 there were 6299 residential properties nationwide selling under distressed conditions, down from 6384 distressed listings recorded in August.

Distressed selling activity was driven by ACT (up 14.3 per cent), Queensland (up 2.8 per cent) and SA (up 1.5 per cent).

During September, national asking prices rose by 0.1 per cent for combined homes with capital city asking prices up by 0.1 per cent.

The data suggests vendors were reluctant to reduce their asking prices further than initially listed during the month, according to SQM. 

ResidentialAustraliado not useReal EstateSector
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
Forme's James Place on James Street, Fortitude Valley Brisbane
Exclusive

Forme Pushes the Boundaries on James Street Precinct

Renee McKeown
4 Min
Exclusive

Invicta House Rebirth Proves Recipe for Heritage Success

Leon Della Bosca
7 Min
Exclusive

Freecity’s $300m PBSA to Prove Worth of Modular at Scale

Leon Della Bosca
7 Min
Exclusive

Billbergia’s John Kinsella: Whiskey, Fun and a Fear of Heights

Vanessa Croll
8 Min
View All >
HWL Ebsworth's adaptive reuse plan for 5 martin Place Sydney
Office

Martin Place ‘Money Box’ Revamp Plans Filed

Leon Della Bosca
South Molle Island before Cyclone Debbie
Hotel

South Molle Island on Block as Chinese Owners Exit

Leon Della Bosca
QBCC PCA Breakfast EDM
Residential

Queensland Developer Licensing Scheme Axed

Clare Burnett
The previous Queensland government plan has been dropped as the state’s building commission reveals a new direction…
LATEST
HWL Ebsworth's adaptive reuse plan for 5 martin Place Sydney
Office

Martin Place ‘Money Box’ Revamp Plans Filed

Leon Della Bosca
4 Min
South Molle Island before Cyclone Debbie
Hotel

South Molle Island on Block as Chinese Owners Exit

Leon Della Bosca
4 Min
QBCC PCA Breakfast EDM
Residential

Queensland Developer Licensing Scheme Axed

Clare Burnett
5 Min
Hindmarsh Tiers Retreat HERO
Hotel

Eco-Luxury Retreat Revealed for SA’s Fleurieu Peninsula

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/more-homes-spending-longer-on-market