..RP Data research director Tim Lawless said the capital city property market peaked in May..
..There is also a build-up of properties for sale, with 23 per cent more homes available for sale now than there were 12 months ago.
"The escalation in stock levels is due to the combination of a higher than normal number of homes being added to the market at a time when market activity is slowing," Mr Lawless said.
"The result has been a fairly rapid increase in the number of homes for sale..
From a supposed under supply of houses to now a confirmed over supply - in just a few months?
The demand driven debt fueled housing bubble is over. With demand falling over recent months and the supply of houses hitting the market continuing to increase - Australian house prices have already reached a tipping point.
House prices peaked in May 2010. We should not expect to see such inflated prices again for many, many years to come.
