According to new research published by RP data – the number of new Australian properties listed for sale is currently at all time high.
It seems that the number of advertised listings are now 24.2 per cent higher than they were at the same time last year. In Australian capital cities the number of listings today is actually 29.1% higher than this time in 2010.
Although the number of listed properties for sale is on the increase, there is a clear sign of a drop in buyer activity. In fact, sales volumes were 20 per cent below 10-year average levels during 2010.
Unfortunately First Home Buyers are dropping away. Home Loans held by First Home Buyers currently make up only 15.2 per cent of the owner occupier market – these figures are the lowest since 2004. The total value of home loans held by investors is at its lowest level since March 2009 and is down -8.3 per cent for the year.
It is clear that vendors are trying to sell their property to either upgrade or reduce debt exposure – however the levels of demand from prospective buyers is currently reduced.