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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Property industry hits new listing low

By Cameron Micallef

October 15 2019
Share

Invest

Property industry hits new listing low

By Cameron Micallef
October 15 2019

Strong clearance rates have not attracted new sellers, with property listings over the past 28 days falling to its lowest October level since the global financial crisis, new research has found.

Property industry hits new listing low

By Cameron Micallef

October 15 2019
Share

Strong clearance rates have not attracted new sellers, with property listings over the past 28 days falling to its lowest October level since the global financial crisis, new research has found.

Numbers from CoreLogic have indicated 22,939 fresh real estate listings were added across the last month in capital cities which is 13 per cent lower than this time last year and 15 per cent lower than the 13-year average.

Head of research for CoreLogic Tim Lawless said despite record-low listings for spring, overall numbers have increased by 44 per cent from July until October.

“New stock levels are down across every capital city, with the largest fall in Darwin where newly advertised listings are 36 per cent lower than a year ago and 63 per cent below the highs recorded in 2007,” he said.

Darwin housing conditions have been weak since the middle of 2014, so it’s understandable that home owners would be reluctant to list their property under such challenging selling conditions, he also flagged.

CoreLogic said the same explanation can’t be used for the stronger markets though, with properties in Hobart averaging just 28 days to sell, while homes are taking less than 50 days to sell across Melbourne, Sydney and Canberra.

Despite clearance times, the analysis did consider that vendors seem to be lacking confidence to put their home on the market with new listings down in those cities also.

Why are the numbers so low?

CoreLogic’s head of research said low numbers can be partially explained by low levels of consumer confidence, having flagged Westpac research that noted sentiment is at a four-year low.

Another explanation offered is the recent improvement in housing conditions. Capital dwellings have been falling just three months ago, with home owners taking time to get their affairs in order pre-selling.

Finally, Mr Lawless attributed a low number of options to high transaction costs, especially where home owners are wanting to either downsize or upsize but capital gains or stamp duty are keeping buyers away.

Effect on the market

A shallow pool of choice and lower entry levels due to changing regulations and cost of credit are coinciding with a rise in auction clearance rates.

“With increased competition, vendors are regaining some of the leverage they lost through the housing downturn and buyers could be feeling the first pangs of FOMO as they see properties selling faster and prices rising,” Mr Lawless said.

Historically, the seasonal peak for new listings numbers occurs around the second week of November, so there is still some time for spring/early summer listings to ramp up, Mr Lawless indicated.

“If the market recovery continues at the same pace as the last few months, it’s almost certain that home owners based in the markets showing strength will take advantage of renewed level of buyers’ demand,” he concluded.

nestegg has previously revealed the top 10 suburbs expecting short-term capital growth.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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