Real estate springs into life

THE number of homes listed for sale in Melbourne has surged again, with far more properties listed there than in any other Australian city.

THE number of homes listed for sale in Melbourne has surged again, with far more properties listed there than in any other Australian city.

According to a monthly report by SQM Research, 51,194 houses and flats were listed for sale in Melbourne last month, up 14 per cent from the same month a year ago.

In Sydney, the number of residential properties on the market last month was 31,310 - almost unchanged on the same month a year ago.

Nationally, the number of properties listed for sale climbed 3 per cent in August, to 373,510.

Louis Christopher, managing director of the research house, said: "Increasingly the market is segmented''.

"It is becoming difficult to discuss just one national housing market and in my opinion, that will be the baseline story for the remainder of 2012.''

Analysts have said a lack of supply during the spring selling season may support property prices, which have broadly been sluggish.

Home prices dropped 2.4 per cent across Australia's eight state and territory capitals in August, compared with the same month a year ago, according to another research house, RP Data.

Melbourne house prices climbed 0.1 per cent in August, compared with July, but were still down 3.7 per cent on the same month a year ago.