The number of property listings has fallen, after only 246,000 homes around Australia were listed for sale in May, according to the most recent monthly data from SQM Research.
The May result was 2.2% lower than the month before and 9.0% lower than the year before.
SQM managing director Louis Christopher said the decline was unsurprising given that real estate activity often slows down during a federal election campaign.
“Going forward, I expect a surge in new listings for this current month, even while we have now reached the quieter winter months. SQM Research has recorded a surge in new auction listings, hence why we have this view.”
If Christopher is right, this “surge” will put downward pressure on prices, as an increase in the supply of for-sale properties generally leads to a decrease in buyer demand.