Sydney and Melbourne property market flooded by supply

CoreLogic has released its weekly indicators report, which shows that property listings across both Sydney and Melbourne have surged and are now running above the levels of last year:

By comparison, total listings across the other major markets are running below the same time last year, with Brisbane and Adelaide especially tight.

Auction volumes across Sydney and Melbourne are also running at their highest levels since CoreLogic began tracking the market in 2008:

All of which helps to explain why price growth across Sydney and Melbourne has ground to a halt:

Supply is now swamping demand.

Unconventional Economist
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