Auction Data Shows That Australian House Prices Are Rising Because There Have Been Far Fewer Properties Listed For Sale

RP Data has released its weekly Market Pulse which shows that even though last week’s auctions were distorted by the AFL grand final, things are still pretty solid in Sydney and Melbourne.

RP Data says that there are currently 255,411 properties listed for sale across the country, of which 43,875 were newly advertised in September.

While that number sounds large, it is 13.9% lower than at the same time last year, according to RP Data.

So with auction clearance rates strong and prices rising then the ANZ is dead right: there is something wrong on the supply side. Supply and demand – that’s what it is all about.

No wonder prices are rising.

It seems like a lot of pent up demand is coming through into housing. Let’s hope it can filter out into the rest of the domestic economy.

Follow Greg McKenna on Twitter.

Now read: CHARTS OF THE DAY: Housing Shortage Could Bump Prices By Up To 20%/a>

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