by Sanjeev Sah | Jan 31, 2023 | Market Updates

The number of advertised properties for sale fell by 5.5% from November to December, according to SQM Research.

Unsurprisingly, the drop was driven by new listing volumes plummeting as many Australians took their summer holidays.

However, when compared to December 2021, total listing numbers were up 4.6% – thanks to a rise in unsold properties, which saw the number of properties on sale for more than 180 days jump 14.3% year-on-year.

SQM Research managing director Louis Christopher said the rise in older stock was very typical of previous downturns.

“As there remains more sellers than buyers, dwellings on the market that are not priced to market, don’t sell,” he said.