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Sydney is drowning in homes

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'Tis the season to be selling homes, and Sydney is becoming flooded; the city’s listings rose 7.5% in November

'Tis the season to be selling homes, and Sydney is becoming flooded; the city’s listings rose 7.5% in November, figures from SQM Research show.

As buyers scramble to dispose of their properties before the year ends, the city's total listings hit close to 40,000, beating the figure recorded in 2009. The current number of homes up for grabs is 20.4% higher than last year, with a significant proportion listed on the market for several months already.

"November listings usually jump ahead of the market slowing during the Christmas and New Year’s break, so the results are expected," SQM Research's Louis Christopher said

The oversupply of listings in the market has spurred stiff competition amongst sellers in the city, prompting them to cut their prices even lower. Over the month of November, the median home price in Sydney has already declined by 1.4%. Sydney is projected to hit the 30-year record for deepest price declines.

Listings also rose in other major cities like Melbourne and Brisbane. Overall, listings in Australia witnessed a 7.9% monthly change and 8.1% yearly change in November.

"The market in these big cities is now flooded with stock. Vendors who do not price their properties realistically will not sell in this market. It has been a particularly bad spring selling season for vendors and agents alike," Christopher said.

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