With interest rate cuts boosting property purchases, Sydney home sale listings fell 13 percent in January from last year to its lowest level in three years, according to independent property advisory SQM Research.
Homes in Sydney that were offered for sale online dropped to 23,467, while property listings around Australia slipped 2.9 percent from the previous year to 335,429.
At the same time, a Bloomberg News survey forecast showed that 24 out of 28 economists believe the central bank will keep the rate at three percent.
Meanwhile, RP Data-Rismark’s home value index revealed that Australia’s eight state and territory capitals recorded a 1.8 percent rise in home prices in January from a year earlier.
Prices in Sydney climbed 3.4 percent to a median of A$576,500 (S$744,977) given that homes sell faster and with less discounting. In December, sales of new houses climbed 6.2 percent to record their third monthly gain.
SQM stated that the biggest decline in January was recorded in Darwin – a drop of 15 percent from the previous year – while the highest increase was seen in Melbourne – rising 1.8 percent.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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