New listings are now tracking 35 per cent lower than for the same time last year and 43 per cent below the five-year average.
Mr Lawless said the drop in properties up for sale would help insulate the overall market from a sharp fall in values. He said there were risks ahead, particularly for Sydney and Melbourne as both relied on strong population growth. "Sydney and Melbourne arguably show a higher risk profile relative to other markets due to their large exposure to overseas migration as a source of housing demand, along with greater exposure to the downturn in foreign students, stretched housing affordability and already low rental yields are likely to reduce further on the back of rising vacancy rates and lower rents," he said.It said values for Melbourne's top quartile had fallen by 0.8 per cent through April.
swrighteconomy I heard on tonight's news that house prices rose 0.3% for April. What is the real story?
swrighteconomy Thats how the cookie crumbles
swrighteconomy Things will change when those youngsters living with mum&dad&getting Jobkeeper into the future.Tho the poor dears will have to suffer the barbs of being greedy property investors landlords when they inherit the parents home too. smh auspol
swrighteconomy Its going to be like the GFC everybody stay put with a renovation boom coming up.
swrighteconomy Things will change when those when the money starts flowing in for the youngsters living with mum&dad & now getting Jobkeeper Though the poor dears will have to suffer the barbs of being greedy property investors when they also inherit their family home. smh auspol