The latest data released by SQM Research reveal national residential listings rose in June by 3.0 per cent, with significantly more stock hitting the market in Melbourne and Sydney over the month.
Listings in Melbourne were down sharply compared to a year earlier, which helped to lift asking house prices by a remarkable 22.1 per cent.
Compared to a year ago, national residential property listings were down by 3.3 per cent. While listings rose in most capital cities, big drops in Hobart and Melbourne pushed down the average across the nation.
The drop in Melbourne listings of 12.7 per cent over the year to 30 June is a stark contrast to the 12.3 per cent jump in Sydney residential property listings as some vendors took advantage of strong price gains there to reap profits on their properties before the end of the financial year.
Managing director of SQM Research Louis Christopher said the listings data shows that more properties were available for sale in June.
“Compared to May, we saw more homes being listed for sale. At the same time, investors are retreating in the face of higher mortgage rates, which is helping to take some pressure off property prices in Sydney, with asking prices for houses and units down over the month,” Mr Christopher said.
“But in Melbourne, we are seeing continued strong growth in asking prices, especially for houses with stock still in short supply.”
The data also showed asking prices for houses jumped in Melbourne and Hobart in June, helping to push up average asking prices across the nation.
However, they fell in Sydney, Canberra, Brisbane and Perth, where higher stock levels contributed to downward pressure.