Stale property listings languish on the market as the downturn deepens

The number of stale property listings has risen in almost every capital city, and tripled in Hobart.

“They typically are properties where the vendor is asking way too much money,” SQM Research managing director Louis Christopher said. The figures come as property values have fallen 12.7 per cent since their peak in Sydney and 8.3 per cent in Melbourne on CoreLogic data as rising interest rates cut the amount of money buyers can borrow. The downturn has reduced buyers’ fear of missing out, which was common during the prior boom as prices spiralled higher.

In Sydney, Hamada Alameddine, principal buyers agent at BuyerX Sydney Inner West, has noticed listings sitting on the market for longer, especially if the property has flaws such as a location near a flight path or tunnels.

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