home sales sink to lowest since 1994

"Sales of new homes sank 9.4 per cent in March to 5443 homes nationwide, following a 3 per cent rise in February, according to the Housing Industry Association. Monthly sales were in excess of 11,000 homes as recently as May."

http://www.smh.com.au/business/home-sales-sink-to-lowest-since-1994-20120430-1xtur.html

makes the market much more reliant on current stock. Maybe equilibrium isn't far away.