Asking prices for homes have risen in the past 12 months, driven by declining stock levels in some cities.
The average national median asking price for houses is up 6.4% increase on this time last year, according to SQM Research, while property listings around the nation are now 2.7% lower.
The asking price rises are likely to be a function of lower stock levels on the market, says SQM Research director Louis Christopher, who points to the dual event of the May rate cut and the lower propensity among vendors to put their homes on the market this close to a Federal Election.
“It’s possible the interest rate cut at the beginning of May may have led to an increase in buyer confidence, leading to higher absorption rates for listed properties,” Christopher says.
“Certainly, it seems that vendors were a little more confident during the month, with vendor asking prices rising across most cities.”
Melbourne’s median asking price for houses has risen 13.4% since this time last year, while listing prices for Canberra houses have risen 10.4%.