Sydney Sees Surge In New Listings
Vendors push to sell homes before the higher mortgage buffer.
Vendors push to sell homes before the higher mortgage buffer.
New home listings in Sydney have soared by 41% while Melbourne saw an 82% increase over the last month.
The rush comes as vendors scurry back into the market after lockdowns ended hoping to sell their property before the higher mortgage buffers come into effect, according to the latest SQM Research data.
The total listings jumped by 25.5% in Sydney during October to 29,183 – the largest monthly percentage increase on record. Melbourne lifted 25.1% to 41,265.
While October is traditionally strong for listings, SQM Research managing director Louis Christopher said this year vendors are looking to get ahead of any further slowdown in the market.
“This could be an indicator that sellers are looking to get out of the market before further macro-prudential tightening kicks in, and before we get an interest rate rise,” he said.
“I think buyer demand is still relatively strong, but perhaps it’s starting to come off a little, so if we were to see November recording a similar level of listings then I would be a little bit concerned.”
There is already an indication that listings are building momentum with SQM Research recording 1266 homes listed for auction in Sydney for the coming week and 1600 homes in Melbourne.
That figure builds off the 1144 homes taken to auction in Sydney and 1739 in Melbourne last week, according to CoreLogic.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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