Homes listed for sale in Sydney, Australia’s most populous city, plunged 23 percent in June from a year earlier, the lowest level since March 2010, suggesting a housing shortage, according to SQM Research Ltd.
The number of properties on the market in Sydney dropped to 23,707, the Sydney-based researcher said in an e-mailed release. Listings across all major Australian cities fell 5.4 percent from 12 months earlier.
“We may now be approaching a point where there is a shortage of residential sale listings in the Sydney market,” Louis Christopher, managing director at SQM, said in the release. “This fits with other measurements indicating a strengthening housing market for that capital city.”
Australia’s housing market is seeing a gradual recovery, as the central bank’s record-low 2.75 percent benchmark interest rate helps draw buyers. House and apartment prices in Sydney jumped 5.6 percent in June from a year earlier, and rose 3.8 percent across all major cities, the RP Data-Rismark (RPAUMED) home value index showed.
While Canberra had the smallest drop in listings from a year earlier, falling 0.8 percent, the Australian capital had the second-biggest decline during the month, falling 8.3 percent from May, SQM said.
To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net
To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net
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