SQM Research reported its latest listing numbers which recorded the usual spring surge in October to sit broadly around the same levels as last year.
What is clear is that more listings are now coming on to the market in Sydney, with total listings now 11.6 per cent higher than one year ago in the harbour city (although still stting at around only 72 per cent the number of listings in Melbourne).
Looking at the monthly and particularly the annual figures, the "most improved" markets appear to be Melbourne (-9.6 per cent) and Hobart (-8.1 per cent), while Darwin (+14.2 per cent) and Perth (+9.8 per cent) look weak.
Brisbane, Adelaide and Canberra have seen relatively little change.
The most notable trend here was clearly the rise in the number of Sydney listings, which can hardly be a surprise after the remarkable run that the Sydney market has had.
The latest Residex figures showed that Sydney's median house price romped an extraordinary 22 per cent higher over the year to Septmber to $1,047,500, while SQM now records the median asking price for houses at $1,143,000.
Sydney's median unit price also jumped according to Residex by another 1.7 per cent in September to $677,000 for a 15.6 per cent annual gain.
More lately CoreLogic-RP Data's October figures showed Sydney's median home value increasing at a slower pace in October to be 77 per cent higher than in 2009.
In the context of these numbers a surge in new listings was all but inevitable.
The Sydney market will muddle through until Christmas, sure enough.
How well the market performs next year will partly depend on the extent to which banks can push their owner-occupier loan books, with investor loans already having been curbed.