Looks like some taking of profits is upon us, from SQM:
The number of Australian residential property sale listings increased during October, which comes as no surprise to research house: SQM Research, as there were five Saturdays during this months opposed to the standard four, which provided sellers with an added weekend to open their homes to the market place. Nationally, the number of unsold properties on the market has been recorded at 364,013 for October 2014 – a 7.3% increase month-on-month and 4.9% increase year-on-year.
SQM Research has witnessed the gap closing in on year-on-year stock level declines for several months now, and it is apparent that surges in stock in a few capital cities in particular are predominantly responsible for the swing back towards recording yearly increases.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
