With dwelling values diving across Melbourne:
Vendors are rushing to sell their properties, according to SQM Research:
Most capital cities experienced decreases in property listings over the month…
Melbourne and Perth were the only capital cities to record increases in listings, 2.7% and 0.4% respectively.
Year-on-year listings show more significant declines for nearly all capital cities… Melbourne however bucked the trend and increased listings by 10.2% this time last year.
Louis Christopher, Managing Director of SQM Research said, “It is not unusual for listings to decrease in June as it is the start of the colder winter months. There was a solid increase in new listings. Indeed, we have more new listings on the market compared to this time last year.
Listings that were coming up to 90 days dropped the most, indicating that some of the older stock had either been withdrawn or was selling during June. Overall, these numbers on their own would indicate fairly normal activity in the housing market. Of course, we know that conditions are far from normal. And this is illustrated in the fall in vendor asking prices for the month.”
Melbourne is arguably most vulnerable to a property correction given it began COVID-19 most overvalued and is especially reliant on immigration and international students, both of which are now collapsing.
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