More properties are set to enter the Australian property market over the coming weeks – adding to the stock currently on the market, which could be bad news for sellers.
RP Data's Market Activity Index, which measures pre-listing activity by property professionals, has recorded 'a strong increase' over the last week, suggesting that "an increasing number of properties are likely to enter the market in the coming weeks.
"Higher listing numbers will not bode well for vendors as there are currently relatively few active buyers and already a significant volume of stock to choose from," says RP Data research director Tim Lawless. "It will be interesting to see whether or not vendors start removing their properties from the market due to the increased competition amongst vendors creating a challenging selling environment."
RP Data also revealed that auction clearance rates remain depressed, with the national average for last week standing at just 45.8% and just over 500 auctions taking place. Melbourne led the way in terms of number of auctions (144) and sales (85), giving the Victorian capital an overall clearance rate of 59%.
