New home listings rose in September, heralding an increase in property market confidence as the Spring selling season gets under way. Listings of homes for sale rose across the country, with the exception of Melbourne.
Sydney’s stock on market rose 1.8% compared to August and Perth recorded a 0.9% increase, shows data from SQM Research. Nationally, the number of properties that had been on the market long term, i.e. 90-180 days, fell 8.6%, indicating increased sales activity.
“When we see an increase in new stock and a decline in old stock, that normally spells increases in activity in the market,” says SQM managing director Louis Christopher. “Old stock’s getting absorbed and new vendors are coming to the market.”
Christopher says the residential market is an increasingly attractive investment.
“When we consider rental yields, the truth is most cities are offering cashflow positive properties compared with where lending rates are,” he says. “I’ve never seen that before.”