Total listings jumped as much as 41 per cent in some Sydney and Melbourne suburbs since the start of winter, in an early sign stock may be starting to pile up as buyers have more options to choose from, data from CoreLogic shows., the growing pool of stock hitting the market has reduced urgency among buyers, hampering price growth, said Tim Lawless, CoreLogic research director.
In Marrickville, house prices slowed from 3.2 per cent monthly growth in May to 2 per cent in July. Similarly, Bankstown eased from 1.9 per cent to 1 per cent, while Botany slowed from 2.7 per cent to 1.6 per cent. But the slower absorption rate could also be due to the large increase in unit listings during winter, according to Mr Lawless.New unit listings across the combined capitals are now 31 per cent above the previous five-year average, compared with houses, where new listings are 13 per cent higher.
Thomas McGlynn, chief executive of real estate agency BresicWhitney, said demand has slowed for units and apartments as listings rise.