Top 10 Sa3 regions with the largest decrease in house listings in the last 4-weeks
Significant drops in listings might surprise many of us who are expecting a decline in market conditions. But when listings go down this can have a few interesting consequences. Agents feel the pinch on both sides in these locations, especially when sales volumes also reduce. When sales volumes stay fairly consistent, this pushes inventory levels down. Prices in many of these markets might hold up well, especially where buyers are chasing fewer properties. For many blue-chip suburbs this is nothing new. Owners who do not need to sell often decide to hold when the market starts to soften.
Here are the top 10.
- Boroondara (35% drop)
- Eastern Suburbs – South (31% drop)
- Stonnington – West (31% drop)
- Port Phillip (30% drop)
- Stonnington – East (30% drop)
- Kingston (19% drop)
- Melbourne City (18% drop)
- Essendon (15% drop)
- Yarra (13% drop)
- Glen Eira (12% drop)
Boroondara Sa3 (VIC) suburbs include Ashburton – Balwyn – Balwyn North – Camberwell – Canterbury – Deepdene – Hawthorn – Hawthorn East – Kew – Kew East. House listings volumes are currently around 218 for all suburbs in the area. This has dropped by approximately 35% in the last 4-weeks. Sales counts always lag and our best estimate is a 4 to 5% fall in sales volumes. But this could be understated given the market sentiment.
The rolling 90-day median for the area is unchanged between May and June 2022. Inventory levels will be impacted positively (for sellers) if listings trends continue to fall and especially where sales volumes fall at a lower rate. It is possible that inventory levels might drop below 2 months (from a current 2.2 months).
10/10 suburbs in the Boroondara Sa3 rank in the top 10% of the state based on the socio-economic index (SEIFA).
Eastern Suburbs – South (NSW) Sa3 suburbs include Chifley – Coogee – Kensington – Kingsford – La Perouse – Little Bay – Malabar – Maroubra – Matraville – Phillip Bay – Randwick – South Coogee. Fewer than 90 houses are listed for-sale throughout the area, down 31% from last month. The median price is unchanged from last month. Sales volumes are also falling but at a lower rate. Assuming the lag does not change the results dramatically, the fall in sales volumes is a rather low -3%. This could mean inventory levels could drop lower than the current 1.8 months keeping things very tight.
7/12 suburbs rank in the top 20% of the state based on the socio-economic index (SEIFA).
Port Phillip (VIC) Sa3 suburbs include Albert Park – Balaclava – Elwood – Middle Park – Port Melbourne – Ripponlea – South Melbourne – St Kilda – St Kilda East – St Kilda West. Prices remained flat between May and June and listings volumes have dropped by 30%. Inventory levels are already low, so any reduction in listings has the potential to keep them under 2 months.
9/10 suburbs in the Port Phillip Sa3 rank in the top 10% of the state based on the socio-economic index (SEIFA).
Kingston (VIC) Sa3 suburbs include Aspendale – Aspendale Gardens – Bonbeach – Braeside – Carrum – Chelsea – Chelsea Heights – Edithvale – Heatherton – Mentone – Moorabbin – Mordialloc – Parkdale – Patterson Lakes – Waterways. Listings volumes have fallen by 19% in the last 4-weeks and prices have fallen by 1%.
10/15 suburbs in the Kingston Sa3 rank in the top 10% of the state based on the socio-economic index (SEIFA).
Melbourne City (VIC) Sa3 suburbs include Carlton – Docklands – East Melbourne – Kensington – Melbourne – North Melbourne – Parkville – South Wharf – Southbank – West Melbourne. Listings volumes have dropped by 18% and prices falling by 2%.
7/10 suburbs in the Melbourne City Sa3 rank in the top 10% of the state based on the socio-economic index (SEIFA).
Essendon (VIC) Sa3 suburbs include Aberfeldie – Ascot Vale – Essendon – Essendon North – Flemington – Moonee Ponds – Travancore. Median prices actually increased by 2%. Listings are down by 15% which might help limit the price trend, especially if sales volumes are maintained.
4/7 suburbs in the Essendon Sa3 rank in the top 10% of the state based on the socio-economic index (SEIFA).
Glen Eira (VIC) Sa3 suburbs include Bentleigh – Bentleigh East – Carnegie – Caulfield – Caulfield East – Caulfield North – Caulfield South – Elsternwick – Gardenvale – Glen Huntly – Hughesdale – McKinnon – Murrumbeena – Ormond. Prices unchanged from May to June. Listings down 12%.
14/14 suburbs in the Glen Eira Sa3 rank in the top 20% of the state based on the socio-economic index (SEIFA).