Property listings surge a threat
A SURGE in the number of new property listings could dent property values in coming months, industry experts have warned.
Independent property advisors SQM Research this weekreleased a report showing the number of homes listed for sale climbed by more than five per cent to 309,000 last month.
SQM founder Louis Christopher said the increase in supply, which would gather momentum in spring and summer, combined with falling auction clearance rates and flattening buyer dem-and, would dampen prices.
“There is going to be a lot of choice for homebuyers,” he said. “And in a buyers' market there will be strong discounting.”
Real estate agent Gary Wells, of Wal Murray & Co Lismore, agreed that there were now more clients looking to sell their properties, but said this was all part of ‘the normal cycle'. “Yes, the number of listing rises, but so does the number of sales,” he said.
PRDnationwide's Brett Jones, of Ballina and Lennox Head, said he expected the number of sales to remain strong.
“Historically, there is always a 35 per cent increase in supply during the spring selling period,” Mr Jones said. “But properties still sell, no matter what.”