Australian Property News

Spring sales fall across Australia

Posted on Thursday, December 02 2010 at 4:09 PM

It’s no secret vendors have been having a tough time on the market, but the latest RP Data figures show even tougher times could be yet to come.

Analyst Cameron Kusher says properties advertised for sale during spring rose sharply, with the current volume of stock on the market now higher than during the depths of the global financial crisis.

“For the week ending August 2010, the total number of listings nationally has increased by 16.5 per cent,” he says.

“Across the capital city markets, listings have climbed 21.9 per cent higher. At the moment, more than 75,000 properties are advertised for sale nationally, which is the highest volume since RP Data began tracking all listing volumes in 2007.”

Kusher says the figures highlight the challenges for both real estate professionals and vendors. In Queensland, it’s particularly tough, with the number of property listings now 15 per cent higher than in New South Wales, and 61 per cent higher than Victoria.

Across the capital cities, the total number of listings for the final week of spring was higher than last year. Darwin and Perth recorded the greatest increase on last year’s listing volumes, while Melbourne and Sydney recorded the smallest. In Brisbane and Hobart, the number of properties advertised for sale was the highest since the beginning of 2007.

“It’s interesting to note the quantity of stock being advertised for sale during the last month,” says Kusher. “About 51 per cent of listings are within capital cities, while the remainder is in the outer regions.”