Property sales remain slow across Australia
Tuesday 29 November 2011
Article by Mozo
Aussies still appear reluctant to commit to home loans, as property sales remain subdued throughout the country.
According to SQM Research director Louis Christopher, there is a surplus of available houses in many areas such as Melbourne.
He stated that despite emerging from the recession, "the tide hasn't turned" and the market will continue to be sluggish.
"There is a huge overhang of stock for the market to work through and it is going to get worse before it gets better," he commented.
This comes after "Super Saturday" – which was supposed to lead to an increase in house buying activity – proved to be a failure.
Members of the Real Estate Institute of Victoria (REIV) said just 53 per cent of properties were snapped up during an auction in Melbourne at the weekend (November 26th).
REIV chief executive officer Enzo Raimondo said the moderate activity "typified" the housing sector in Melbourne so far this year.
Have a question about home loans? Ask the money gurus at Mozo Answers.