The Australian property market is being inundated with new listings, according to one commentator.
Patrick Stafford, writing in an article for smartcompany.com.au, claimed that this is occurring despite the fact that auction clearance rates are continuing to fall in the country.
He went on to suggest that more discounts will appear, even into Australia's up and coming spring, which is traditionally a strong selling season.
Mr Stafford reports on SQM Research, which has revealed that listings grew by 5.1 per cent in July to 309,000.
This is the third consecutive month of rises and is also 28 per cent higher than in July 2009, when there were 241,783 listings.
He spoke to SQM Research founder Louis Christopher, who said that housing supply will remain unusually high during the remainder of 2010.
At the end of last month, the Sydney Morning Herald reported on RP Data estimates, which suggested that around 26,000 properties in Melbourne went to auction last year, compared to 20,500 in Sydney.
Posted by Steve Douglas
