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Staff Writer
The number of residential property listings increased in May, with national stock levels rising by 4.8 per cent to a total of 379,158, according to SQM Research.
This figure represented a rise of 1.3 per cent compared to the same period last year.
The research group's report noted that the increase was expected as the sales market typically bounces back after falling in April due to the Easter holidays.
However, there was still a market phenomenon occurring, as stock was struggling to move again. If the market was stronger, stock levels would be decreasing.
Managing director of SQM Research, Louis Christopher said residential property listings across the country, except Sydney, Perth and Darwin, remained elevated and stubbornly high. Melbourne was a prime example.
“After a period earlier this year where it appeared that stock was being absorbed, we now have a situation where there is even more stock on the market than we had this time last year,” he said.
“Auction clearance rates may well be higher in that city but vendors seem to be using this period to offload their properties.
“As stated previously, what we have ahead of us is only a modest to moderate housing recovery. While I laugh at the notion that house prices are falling, as stated by only one of my competitors, it is clear that in some metropolitan locations, the market has continued to fall, despite the interest rate cuts."
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