Residential Property listings Down to Stable Levels

residential listingsThe number of residential properties on the market has stabilised; coming down by -5.3% during the month of June. The number of listed residential properties stands at 347.074. In a year-to-year comparison, -5.3% is 2% higher than the -3.3% recorded same time last year.

Residential listings down to stable levels

The five weekend month of May had catapulted the property listings to levels no one wants to see them at. June has restored sanity and Sydney has especially done well- a 12.7% decline in listing numbers. Its tally stands at 22,504.

Asking prices increase across segments

Across capital cities the asking prices have come up by 0.8% for detached houses and 0.5% for units. In Sydney, the prices have shot up by 1.8% over the second quarter; still another example of the phenomenal growth posted by the harbour city.

Investors should rethink mortgage commitments

With stocks expected to fall further, the pressure on asking prices will be palpable. This is enough news to stir up buyers and investors alike. Given the situation, they will have to be increasingly diligent about the kind of mortgage loans they want to get serviced.

Many feel that the best time to buy a property has passed and it was represented by the year 2012. Silver linings like the month of May will always be there but it may be hard sailing from here unless one is ready to stretch the budget or of course unless the interest rates begin to shoot up.

Yes, number of listings can also go up if there is a paradigm shift in the investor mindset. I mean let us suppose a scenario wherein we begin to put our properties on the market without having found another place to buy. Wishful thinking I suppose!

Slightly off note, how do you foresee vacancy rates moving from here?