Like any market, property prices are a consequence of supply and demand.
For many months now, we’ve heard a similar refrain concerning the ‘chronic undersupply’ of housing across the market. Housing Australia has even forecast a national shortfall of 100,000 homes in just four years’ time.
This being true, how is it possible for Melbourne to be oversupplied with property?
Based on CoreLogic figures, Melbourne saw 90,000 total property listings across 2023, alongside just 81,203 total sales.