Stale listings explode as house prices plummet

“[Buyers think] there must be something they can’t see, and they’re very worried.

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“Sellers, if you want to sell your property in this market, you have to hit the market.”

The numbers come as property values ​​have fallen 12.7 percent from their peak in Sydney and 8.3 percent in Melbourne, CoreLogic data shows, as rising interest rates reduce the amount of money buyers can borrow. The downturn has reduced buyers’ fear of missing out, which was common during the previous boom when prices soared.

SQM also noted a slight decline in the number of listings sold in distressed conditions nationwide in December, well below pre-COVID levels.

Distressed listings fell 5.3 per cent nationally and 12.5 per cent in NSW but rose 3.1 per cent in Victoria.

The number of forced sales is unlikely to skyrocket unless cash interest rates climb above 4 percent, making it difficult for many homeowners to make their mortgage payments, Christopher said.

Buyers are less afraid of missing out than they were during the boom.

Buyers are less afraid of missing out than they were during the boom.Credit:Peter Ree

He predicts that if the cash rate stays below 4 percent, the housing market will start a modest recovery later this year.

In Sydney, Hamada Alameddine, Principal Buyer Agent at BuyerX Sydney Inner West, has found listings stay on the market longer, particularly when the property has deficiencies such as lack of space. B. a location near a flight path or tunnels.

“Any A share sells well. When they compromise or need a refurbishment, people are shy,” he said.

In that market, some brokers thought they’d found a buyer, but then the buyer changed his mind and disappeared, he added.

Some potential buyers have kept their hands in their pockets, but others will pay for Class A homes.

Some potential buyers have kept their hands in their pockets, but others will pay for Class A homes.Credit:Flavio Brancaleone

He said buyers’ fears of missing out have disappeared and instead caution should be exercised about overpaying, although he cautioned shoppers to time the market.

Some customers with very specific requirements can take a few months to buy, while others work to a deadline.

“The best time to buy a property is when you are financially able to do so,” he said.

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In Melbourne, Greville Pabst of the eponymous buyers agency said buyers have become more sophisticated.

High quality properties still attract competition, but others may be overpriced, compromised or suffer from poor marketing, he said.

“The properties that are sitting there are sitting there for a reason, and it’s always about price,” he said.

“It’s about hitting the market, so they didn’t make that price adjustment.

“[Or] something is wrong, it’s on a main road, or it’s too close to a railway line, or the layout isn’t right.”

He believed the downturn would not be as deep as some prominent forecasts as the tightening cycle nears its end and rental demand remains strong.

“Once you win back the investors, they will compete with the other players in the market,” he said.

https://www.smh.com.au/property/news/stale-property-listings-languish-on-the-market-as-the-downturn-deepens-20230104-p5cac0.html?ref=rss&utm_medium=rss&utm_source=rss_property Stale listings explode as house prices plummet

Brian Lowry

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