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Australian Homes for Sale Climb 14.5% in October From Year Ago

Nov. 8 (Bloomberg) -- Australian properties listed for sale increased 14.5 percent in October from a year earlier, according to data from SQM Research Pty.

Homes offered for sale climbed to 383,217 in October from 334,575 a year ago, the Sydney-based research group said in an e-mailed statement. Listings in Melbourne surged 42.1 percent from last year.

“This might actually be the peak in stock levels for this cycle,” SQM Managing Director Louis Christopher said in the statement. “However, the Melbourne results are deeply concerning, particularly in light of the fact that we know there is still much dwelling construction yet to be completed.”

Melbourne had the second-biggest jump, following Hobart, which increased 47.5 percent from a year ago. Properties for sale in Perth fell 3.1 percent.

Listings across the country rose 0.4 from September, SQM said.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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