Stock surge!
Melbourne emerged from months of lockdown to see a mighty 27 per cent monthly surge in total property listings.
There were more than 44,000 properties for sale in Melbourne, as at October 2020.
Properties for sale <30 days leaped from 4,400 to more than 18,600 in the Victorian capital.
Source: SQM Research
SQM interprets this as a bullish sign, with Aussies unable to travel overseas and likely to be active in the housing market given record low mortgage rates.
Of course it does remain to be seen how quickly the newly listed stock is absorbed.
Despite the Melbourne surge, stock overall remains relatively tight, and still 3 per cent or about 11,000 properties lower than a year earlier.
All capital cities other than Sydney and Melbourne experienced a year-on-year decline in stock levels.
