The latest house price trends
SQM Research released Australia's listing data for April, with the number of residential properties listed in Australia falling 6.4% month-on-month to 239,660 units from 256,000 units recorded in March 2024.
However, over the past year, the number of listings in Australia has increased by 5.6%.
Sydney (+12.8%) and Melbourne (17.7%) drove the annual growth in listings, while other major capital cities saw declines.
In the year to April, new listings (i.e. less than 30 days) grew by 10.6% across the country, again led by Sydney (26.6%) and Melbourne (27.9%).
Louis Christopher, managing director of SQM Research, noted that the increase in listings in the two capital cities has driven down asking prices.
"It shows that some landlords are cautious about the market and eager to meet market demand."
"As all market participants realise that a rate cut is not imminent, we expect the market to become cautious in the winter months, and therefore do not rule out the possibility of house prices falling in our largest capital city in the second half of 2024 at this time."
The Melbourne market, in particular, has seen weaker price growth compared to other major capital cities.
Melbourne's house prices lagged behind the national average, rising just 0.1 per cent over the past 28 days, compared to an average of 0.7 per cent across the five capital cities, according to the CoreLogic house price index.
Melbourne house prices have fallen by 0.3 per cent since the start of the year, while overall house prices in the five capital cities have increased by 2.1 per cent.
In the year to 7 April, Melbourne saw a 32.4 per cent increase in new listings, easily outpacing other capital city markets.
The total number of listings in Melbourne has also increased by 10.6 per cent over the past year, while the number of listings has shrunk in all other markets.
Melbourne's auction clearance rate has also dropped this year, which has also weighed on residential values.
House price growth in Melbourne has slowed, with the median price being surpassed by Brisbane.
Brisbane has performed well and the median house price gap between Brisbane and Melbourne is expected to continue to widen this year.
参考数据:CoreLogic,REA