Listings decline
Property listings plunged by another 6 per cent in May, to be 19 per cent lower over the year.
New listings did increase year-on-year, but demand remained much stronger and comfortably outstripped supply, with old listings plunging 44 per cent lower over the year.
Listings were lower over the year across most of the capital cities, and most of the significant regional markets too.
There were significant monthly declines in May for Hobart, Canberra, Adelaide, and Melbourne.
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Commodity prices also surged in May, on a monthly average basis.
Over the year, prices boomed 40 per cent higher in SDR terms, driven by higher iron ore prices.
Using spot prices for the bulk commodities, prices were up by a massive 52 per cent over the year, delivering a tremendous windfall.
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The RBA left interest rates on hold in this month, as expected.
The RBA will continue to monitor lending trends in housing borrowing.
