New home listings slow, but stock well above average

Résumé détaillé

Despite a slowdown in new properties on the market, most Australian capitals have much higher stock available for sale than the average for this time of year.

As Australian house prices tumble and buyers shy away from the market, the number of homes available for sale has soared in almost every capital city.

In Adelaide, total available stock was 25.1 per cent above the five-year average in the four weeks to November 8, according to property data firm Cotality.

In Brisbane, listings were 24.4 per cent above average and in Perth they were eight per cent above average.

The mid-sized capitals, where supply most exceeds demand, were also where prices were falling the fastest.

In October, the median Perth dwelling value dropped 1.7 per cent and Brisbane prices retreated two per cent.

But in Melbourne, the rate of decline slowed to 0.8 per cent, the shallowest fall of the five major markets.

In contrast with the rest of the country, the Victorian capital had 5.3 per cent less stock available for sale than its average.

"A better balance between available supply and demand in Melbourne means home values in the city are falling at the slowest pace of the major capitals,” Cotality head of research Gerard Burg said.

"A similar transition in other cities should eventually slow the declines elsewhere."

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