PHOTO: Sellers are reluctant to put their properties on the market during the downturn. ABC News: Stephanie Chalmers
Homeowners are holding off selling their properties, with fewer new listings than at any time in the past 12 years.
Key points:
- Corelogic data shows lowest number of new listings in 12 years
- Homeowners are holding off selling due to the market downturn
- Some economists and agents are seeing the early signs of a possible recovery
The slowdown is most noticeable in Sydney and Melbourne, where there are 30 per cent fewer properties for sale than there were at the market’s most recent peak.
The situation has become so bad that the decline of stamp duty revenue in the two states is undermining the governments’ budget positions.
Over the same time the number of listings nationally has dropped by 20 per cent.
The housing snapshot is taken at the end of May each year by industry analyst CoreLogic.
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