Spring housing market is looking a bit gloomy
AUSTRALIA’s spring property season is shaping up to be unusually sluggish, as sellers retreat from a weak market and unsold homes pile up. New property listings in the four weeks leading up to August 23 were 8.2 per cent below the five-year average, according to property analytics firm Cotality. Advertised stock levels remain elevated overall, suggesting home owners are holding back from adding to an already crowded market. Gerard Burg, head of research at Cotality, said the findings painted a gloomy outlook for spring, usually the year’s main buying and selling pe