Australia real estate market becoming 'flooded'

Real estate experts in Australia have warned that the residential property market in the country is becoming flooded with homes.

The concerns were raised after it was revealed that property listings in Australia increased in all cities during October, SmartCompany.com.au reports.

SQM Research managing director Louis Christopher says the increase in listings is clear evidence the market is softening.

The news could be welcomed by individuals looking to buy real estate in Australia with the sheer number of homes on offer meaning that potential buyers can effectively take their pick.

"It means the housing market is slowing down and we are expecting more listings to come into the market in November, in Brisbane there's been a 50 per cent increase in stock levels year on year, and that's a huge increase," Mr Christopher told the website.

"The market is weakening in terms of prices, and this will continue as more listings come onto the market."

Mr Christopher also added over the next 12 months buyers will be able to snap up some bargains.

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