Listings surge
It's an easier buying environment for property seekers in one sense right now, but it's also become considerably harder to get a mortgage.
It may be a buyer's market, but many can't afford to buy what they thought they might be able to.
Stock listings rose in November, as they are wont to do, but the increase in listings in Melbourne has been by far the most substantial, with total stock listings running all the way up to 43,727 from 33,070 a year earlier.
The latest figures from SQM Research are charted below, and showed that the usual November increase was noticeably more marked in Melbourne (as always, you can click on the graphics to expand them):
In Sydney there has also been a marked increase in listings in certain regions.
Here's one such postcode, via SQM's detailed figures - a looming glut that was flagged many moons ago, and one which is clearly reflected in the Ryde sub-region experiencing the greatest fall in prices from the market peak in early-to-mid 2017.
At last there is some stock on the market in Hobart, with a 17 per cent monthly increase to 2,427 listings, but in spite of extraordinarily low vacancy rates in the Tasmanian capital prospective investors are still finding it hard to borrow.
Anecdotally investors are also now selling up in Canberra, unable to face down the huge rise in property rates in the ACT and associated holding costs, even for apartments.
Listings are 33.2 per cent higher than a year earlier in Melbourne, and 22.3 per cent higher in the ACT.
Overall, it's a considerably softer environment, with the Reserve Bank noting in its Statement today a point of concern that under the prevailing tighter credit conditions some lenders have 'a reduced appetite to lend'.
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