Unsold housing stock surges across Australia as asking prices tumble for buyers

SQM Research director Louis Christopher: On watch An explosion in unsold housing stock has hijacked spring’s traditionally brisk selling season, handing buyers the ultimate trump card as asking prices begin to tumble. Latest data shows the property market choking on more than 276,000 listings, a dramatic 21.6 per cent annual surge, driven by a mounting pile of stale homes ignored by buyers for up to six months. SQM Research managing director Louis Christopher said the figures revealed a big shift in the market, with national combined asking prices easing 0.4 per cent last month. A glut of old listings is clogging the property market “Spring has brought the usual lift in new listings, but that’s not what’s behind the 20 per cent annual rise in stock,” Mr Christopher said. “The bulk of the increase is property that has been on the market for one to six months and hasn’t sold. In Sydney, fewer vendors are listing than a year ago, yet total stock is up almost a fifth. That’s a demand problem, not a supply surge.” Brisbane and Adelaide stood out with the highest increase in overall stock build-up of 43.5 and 39.5 per cent respectively, year on year. Melbourne recorded 30.3 per cent more...