More vendors tried to sell their property in spring – but did people buy them?
As social distancing restrictions eased across Victoria from the end of September, more vendors put their property up for sale. In the three months to November, the number of new listings added to the market across Australia averaged around 39,000 a month. This was 20.8% higher than in the winter months.
Although winter usually sees less listings due to seasonality anyway, strict restrictions and subdued economic conditions across Melbourne in particular had weighed on transaction activity over winter. As more new stock was added to the market in the months following, it is worth considering how much demand for property absorbed this rising supply.
If rising stock is met with low levels of demand, property listings accumulate,…