RP Data: Property market shows signs of cooling

RP Data: Property market shows signs of cooling. RP Data figures released on Thursday show house and unit sales had been consistent and strong throughout 2014 but is now in decline. There were 45,640 houses and units sold in November and the rolling six-month trend was rising. Transaction numbers have fallen in NSW, Victoria and the Northern Territory. RP Data research director Tim ¬Lawless said swelling stock on market levels would test market strength and buyer demand. We are already seeing listing ¬numbers ramping up at a faster rate than last year; the big question is whether buyer numbers will match the pace of listings to absorb this additional supply. Lawless said housing finance data from the Australian Bureau of Statistics showed mortgage demand, excluding investors, was no longer increasing. Time on market numbers have crept up, from a low of 36 days across the capitals in March to 47 days. Article via AFR (paywall): (VIEW LINK)