Domain economist, Trent Wiltshire, has released analysis showing that Australian housing sales have plummeted to around the lowest level in two decades:
Driven by Sydney and Melbourne:
Property sales as a percentage of Australia’s housing stock has also fallen to just 4.2%, which is the lowest on record:
Domain’s analysis is confirmed by CoreLogic, whose property sales series is also pointing to the lowest sales levels since the early-1990s:
This is obviously disastrous news for state governments – especially Victoria’s and New South Wales’ – whose budgets are dangerously reliant on stamp duty revenues:
It is also very bad news for real estate agents, who are heavily reliant on transactions and have already begun sacking staff en masse.