Melbourne stock numbers lift for the year's finale: Secret Agent
The latest Secret Agent report has confirmed an early November spring listings surge for inner city Melbourne houses, with supply increasing by 22%.
Secret Agent's Paul Osborne said Melbourne clearance rates have also come under pressure with a general trend in the downward direction over the month of October.
"There is no doubt that investor activity is slowing while the owner occupier market still seems robust," he said.
"Local markets are also performing differently. The median for the inner south is now less than it was a year ago due to declining apartment prices in South Melbourne and Port Melbourne. The inner East has been the best performer over the past 12 months with a 21.43% increase for this period.
"The ABS has released a snapshot on property owners and renters which is a nice indication of the spread between ownership of Australian properties. Owners with a mortgage make up the highest proportion of households, which helps us understand why any discussions on interest rates is able to generate a huge response in the media.
"Also released by the ABS is the fertility rates within Australian cities. The expense of owning a property within the inner city and the preference to live close to work may be responsible for keeping fertility rates down in these inner city areas. Accommodation remains difficult to secure for large families as previous generations moved out while the present demographics are less likely to make this same shift. This year, we have noticed a substantial premium that families are willing to pay in order to secure the right accommodation. "
