(When I mention properties I have been tracking have been rotting for 9 months, some think I am making it up). Now read on......
THE real estate market is awash with properties - 50 per cent more are for sale than a year ago.
There were 32,753 houses for sale in Melbourne last month, compared with 20,831 in May last year.
SQM Research data also shows there are 2500 more apartments for sale.
Experts said the jump in listings was thanks to more properties being listed, a rising number failing to sell at auction and private sale properties taking longer to find buyers.
SQM managing director Louis Christopher said new listings were competing with older listings that still had not sold. Sellers needed to drop their prices if they wanted to find a buyer, while buyers had time on their hands.
"Now is the time to do the research. Buyers don't need to rush in. They won't miss out," he said.
RP Data reveals Melbourne properties are taking longer to sell - with houses in expensive suburbs often lingering on the market for longer.
Hocking Stuart chief executive Nigel O'Neil said it often took longer to sell in blue-chip suburbs because there were not as many people looking to buy premium houses as there were affordable properties.
"The number of buyers at the top end is much lower. And when the market softens, they become fewer and fewer," he said.
RP Data statistics for the year to March show it takes an average of 55 days to sell a house in Melbourne, up from 41 days last year.
The data shows four out of the top 10 suburbs for length of time on the market have median prices of more than $1 million.
SQM Research found a property in Toorak that has been for sale for two years, one in Brighton on the market for 11 months, and one in Ashwood listed for six months.
