Stephanie Anderson July 13, 2012
Canberra has recorded the largest annual increase in listed properties out of all capital cities, according to new data.
At 33.4 per cent, it was four times the average capital city rise of 8.2 per cent outlined in figures issued by RP Data yesterday.
A total of 2201 properties were advertised in the ACT market over the month to Sunday, July 8, up from 1727 the same time last year and totalling about $1,339,608,144 in value.
The number of homes advertised for rent also increased from 481 to 772 over the 12-month period.
Nationally there were 301,414 properties listed for sale, up from 275,023 this time last year.
RP Data senior researcher Cameron Kusher said a lot of unsold stock across the country continued to remain on the market for extended periods as home owners were unwilling to budge on their asking price.
''Buyers simply have too many homes to choose from at a time when there is no urgency in their purchase making decision,'' he said.
However, LJ Hooker agent Stephen Thompson said ACT figures could be skewed by the increasing number of new homes completed throughout the year.
''The reality is we have a lot more new developments coming out of the ground in Canberra,'' he said.
Mr Thompson said there were some instances of vendors being unwilling to lower their asking price in the capital, but said it was to a lesser degree than seen elsewhere.
''We've been fortunate that we haven't had the losses seen in other areas,'' he said. ''I actually think it's not that bad here.''
Independent Property Group CEO John Runko also said the rate of sellers not meeting the market was relatively low in Canberra.
''There are certainly some people that have a price in mind and leave a home at that price,'' he said.
Mr Runko said the recent figures reflected a market returning to its regular state. ''Really, the Canberra market has just come back to what is its normal market,'' he said.
''This is a more normal market than what we've had over the past few years … The number of properties now is certainly higher than it was 12 months ago and that just comes down to the realities of the current economic market.''
Mr Runko said the market had stabilised over the past few months, stating that if a seller was willing to meet the market, they would find a buyer.
RP Data reported that Melbourne and Hobart recorded increases in the number of properties on the market over the 12-month period, with boosts of 31.5 and 22.9 per cent respectively.
Adelaide and Sydney recorded increases of 7.1 and 6.6 per cent respectively. Brisbane, Perth and Darwin markets decreased by 3.5, 11.3 and 14.3 per cent respectively.