The number of properties listed for sale has risen by almost 13 per cent in the past three months.The national median house price has risen by a modest 0.3 per cent to $809,849 in October as the property market continues to cool.
It marks the 21st consecutive month that property prices have risen in the country, however, the modest rise was due to uneven growth in the capital cities. The slowdown in the pace of price growth nationally comes as more owner-occupiers and investors look to capitalise on higher prices during the spring selling season, flooding the market with listings.
Generally, she said, the market is cooling, and part of that has been due to the "strong spring selling season" and increase in the number of properties being listed for sale. "We have seen some unit markets actually outpacing house values in the combined capital cities," Ms Owen said.Housing is Australia's multi-billion-dollar money makerHousing is creating wealth like never before, with property owners pocketing a record-breaking median nominal profit of $285,000 from resales in the June quarter.
"We've seen more first home buyers buying units where, traditionally, they were aiming at houses, but they've been priced out of the market in a lot of suburbs. While it remains a seller's market for now, Ms Owen said there is evidence to suggest that the scale is tipping in favour of buyers. "Some of the selling might be motivated by higher mortgage costs and people wanting to get ahead of falling behind on their mortgage.
Part of that motivation to sell could also be attributed to more borrowers experiencing mortgage stress, Ms Owen noted.