Australian homes listed for sale fell 4.9 percent in July from the previous month, signaling the housing market may be on the road to recovery, according to SQM Research Pty.
Homes offered for sale fell to 368,081, the Sydney-based research group said in an e-mailed statement. Melbourne had the biggest decline, dropping 12.6 percent from June, it said.
“It is early days, however, this could be an indicator of a turning point in the market,” SQM Managing Director Louis Christopher said in the statement.
Australian home prices unexpectedly rose 0.5 percent in the three months to June, statistics bureau data this week showed, ending five-straight quarters of declines, after 1.25 percentage points of interest rate cuts by the Reserve Bank of Australia since November. House and apartment prices also climbed 0.6 percent in July from the prior month, according to the RP Data-Rismark home value index.
Home listings fell 2.4 percent from a year earlier, with Darwin and Perth seeing the biggest declines, SQM said. Homes for sale in Melbourne rose 4.8 percent from a year earlier.