Figures released this week by property research house – SQM Research reveal that the level of residential stock around the nation rose slightly during the month of August 2012, increasing by 1.5% and coming to a total of 373,510.
With spring now upon us, it is the expectation of SQM Research that we will begin to see further seasonal rises in stock levels as the spring selling season enters full swing.
Canberra, Sydney and Melbourne all recorded substantial monthly increases – 8.8%, 5.9% and 5.9% respectively. Canberra’s large monthly increase may well signify a downturn for that market as federal budget spending is cut.
Year on year, the increase in stock levels has been slightly more extensive, with a national increase of 3%. Hobart experienced the highest rise in listings of the capital cities with a 24.1% increase. In stark contrast, Darwin has taken a plunge since the same month last year, recording a -23.3% decrease in stock levels since August 2011.
Louis Christopher, managing director of SQM Research says, “Increasingly the market is segmented. It is becoming difficult to discuss just one national housing market and in my opinion, that will be to base line story for the remainder of 2012.”
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