THE number of properties sold in Melbourne has hit a five-year low.
House and apartment sales are 20 per cent down on last year and at their lowest levels since 2006.
The city is experiencing a glut of listings, with the number of properties for sale rising again last month.
This year's market is the slowest in terms of transactions since 2006.
When you compare the present numbers in Melbourne with the downturn in 2008, when at the height of that slump there were 33,000 properties for sale, we are still quite a way above that, which is quite concerning.
A lot of vendors in Melbourne are trying to stick to their guns on price, but sooner or later they are going to have to recognise the market for what it is.
