Listings way down
Via Tim Boyle and CoreLogic, listings are now tracking some -26 per cent lower than a year earlier.
Sydney listings are down to just 19,132, while real estate selling agents in all of the capitals are facing a similar predicament:
Source: Tim Boyle/CoreLogic
It's very hard for prices to fall meaningfully when there's so little stock to fight over.
For example, 38 registered this week to participate at this online auction in Melbourne for a huge result, via Cate Bakos:
Source: Cate Bakos Property
CoreLogic has stopped reporting its daily housing price index 10 days or so ago as volumes are so low and thus volatility is higher.
There may be some declines reported for Melbourne for the month of May, giving back some of the double-digit gains since last year's election surprise.
But overall it's the cobweb effect all over again.