PHOTO: The percentage of Australian properties being bought or sold has fallen to a 28-year low. (iStock)
The percentage of Australian properties being bought or sold has fallen to a 28-year low as owners become unwilling to test an increasingly “thin” market.
New data released in Westpac’s August 2018 Housing Pulse reveals housing turnover – that is the number of properties currently being sold relative to all dwelling stock – has fallen to just over 4 percent. This figure represents the lowest point the housing turnover has been since 1990.
Westpac senior economist Matthew Hassan said while the total number of listings is up by 11,000 properties year-to-date, proportionately there is a very low number of homes for sale.
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