CoreLogic’s December housing report, released today, contains interesting data showing the extent to which market housing demand is running well ahead of supply, which is helping to fuel rising prices:
Low inventory levels have been a feature of the Australian housing market through 2020. Although the number of new listings surged higher through spring and early summer, the total number of residential dwellings advertised for sale has remained persistently low throughout 2020.
Total listings peaked at the end of November with approximately 165,000 properties available for sale, -18% lower relative to the same period in 2019, and -22% below the five year average for that time of the year. At the end of 2020 there was -21% fewer properties available for sale than at the end of 2019.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
