Here’s the national chart, which shows that stock levels have been steady for the past three months but remain elevated overall (blue denotes houses for sale and purple denotes units for sale):
However, it remains a two-tiered market, with stock levels highly elevated in Melbourne, Adelaide, Hobart and Canberra:
Whereas stock levels have tightened in Sydney, Brisbane, Perth and Darwin:
According to SQM’s Managing Director, Louis Christopher:
“The October data is a surprised result. We were expecting listings to rise in October following the steady result in September and to be fair some capital cities have recorded a rise, but overall it is becoming clear to us that this is an abnormal result for this time of year and suggests to us that stock is being absorbed by buyers and/or vendors have been withdrawing their listings. We are starting to believe that it is the former rather than the latter.”
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.
