Information recently released by RP Data has revealed that Australia is currently in the midst of a terrible housing shortage, with Melbourne being the worst.
Cameron Kusher RP Data's research analyst stated that Melbourne had the lowest current effective supply at 2.8 months, whereas Perth and Brisbane had the greatest effective supply recorded at 9.0 and 5.9 months respectively.
Since the beginning of 2007 Perth has remained consistent and, has recorded the greatest effective supply from all the capital cities. In Perth property values rose by 4.4 per cent since the beginning of 2007, indicating that the market remains consistent. The soft market conditions within the city are reflected by the results that on average there was 7.6 months of effective supply in the Perth market.
Sadly Melbourne had the lowest effective supply out of all the major capital cities (2.8 months and recorded one of the strongest levels of growth in values between the beginning of 2007 and August 2010.) increasing by a total of 51.2 per cent making it the strongest market conditions over that time period and has resulted in an increase in demand for properties, therefore those listed have been quickly lapped up by the market.