| | | | | | Listings Fall for Winter Asking Prices Hold Steady The number of Australian residential property sale listings fell in most capital cities during the month of June 2016, excluding Brisbane and Perth, where sale listings slightly rose.
National residential property listings fell during the month of June 2016 to 345,058 decreasing 1.5% from May 2016. The year on year results indicate that national sales listings are up 2.5% compared to this time last year (June 2015).  Notably, Canberra recorded the largest decline for June with property listings falling 5.6%. Hobart also recorded a 5.3% decline in listings for the month. Hobart sale listings are now down 9.8 percentage points for the year, which SQM believes indicates a strengthening housing market in Tasmania.
In contrast, Sydney property listings are up 30.9% from this time last year (June 2015).
Median Asking Prices  Source: www.sqmresearch.com.au
Year-on-year results reveal Melbourne median asking prices have risen 15.6% for houses and 6.4% for units compared to this time last year. Brisbane has also experienced yearly changes, with median asking prices for houses climbing 5.8%, compared to just 0.8% for units.
Meanwhile, median asking prices continue to fall in both Darwin and Perth. According to SQM Research, the median asking price for a house in Darwin is $629,800, 6% lower than this time last year.
Managing Director of SQM Research, Louis Christopher, said “This is a fairly normal result for winter where, historically, property listings fall during the colder months. The one abnormality is Sydney, where we’re recording a massive year on year rise of 30%. If anything that just shows how frenzied the Sydney market was this time last year. However, Sydney is not oversupplied with listings right now. Rather, it is returning to more normal long term averages”.
Key Points - Total online national residential listings fell during June 2016 from 350,333 to 345,058. This figure represents a monthly decrease of 1.5% when compared to May 2016.
- Canberra recorded the largest monthly fall in stock levels, decreasing by 5.6% during June 2016 to 3,207 properties.
- Hobart recorded the biggest yearly decline, with listings falling by 9.8%, reducing the number of properties for sale to 3,417.
- Sydney recorded the biggest yearly rise, with residential property listings climbing from 18,968 to 24,838.
- Melbourne median asking prices have risen 15.6% for houses and 6.4% for units compared to this time last year.
- The median asking price for a house in Darwin is $629,800, 6% lower than this time last year.
Distressed Property of the Week 26 THE ANCHORAGE, HAWKS NEST, NSW 2324  Today's distressed property of the week could quite possibly be the highest reduction we have seen yet!This charming family home is nestled on the stunning Myall River, Hawks Nest, located approximately two hours north of Sydney. The property first came onto the market back in September 2014 with an original asking price of $1.2 million. This price was slashed down several times during 2015, with the property falling to just under $1 million in January, then again to $975,000 in July. Over the past week, the vendor has slashed prices further, with the invitation for offers from $895,000 - that's a total reduction of $305,000!!!The property consists of three bedrooms, three bathrooms, a study, family room, attic and accommodation for up to two vehicles. The listing states the property is the ideal investment for buyers looking for a retirement/weekender, as the property is well situated between Myall River and Jimmy’s Beach – the ultimate location for water sport enthusiasts! The location of this property is certainly a bonus, with views of the stunning Myall River visible from all three bedrooms and also from the generous upstairs balcony. The carpeted attic is also a great bonus, with plenty of natural light and room for activities this space could prove great for young children as an additional rumpus room, or be used for storage.The vendor says that the owner must sell due to purchasing a retirement property elsewhere. This is good news for interested buyers, as it means that the buyer is eager to sell quick, therefore, opening room for further negotiations.To get your hands on other distressed properties for sale like this one - check out our Distressed Properties Report HERE. |
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