SQM Research has released its stock on market data for August, which reported large monthly and annual declines in the number of properties listed for sale:
According to Louis Christopher:
There was quiet a large drop in new listings for the month, predominantly driven by the shortfall in Melbourne. The Melbourne numbers are quite revealing actually. It is reflective of the near entire freeze-up of the Melbourne housing market. As the Victorian State Government is heavily reliant on property stamp duty revenues, there must be a significant State revenue collapse occurring. Elsewhere we continue to record falling supply in Australia’s regional areas. Our take on that phenomenon is that demand has boomed for regional real estate as more of our populations looks to remote living.
