melb population 4-5 mill -1% props 4 sale , page-3

I don't think it matters what the percentage is, if the stock on market numbers are at record highs and volumes approaching record lows, a third grader could probably tell you that the risk is to the downside.

We could run an analysis on population adjusted stock on market as a percentage, which would be more accurate, but I don't think it would tell a different story.

The third grader could probably also tell you that stock levels are likely to continue to rise to even greater highs. If sales volumes start to increase but on falling prices, that would be very bad news.