Sellers fear property market ‘grinding to a halt’ as decline picks up

Prestige real estate worth more than $10 million continues to be in demand, particularly from cashed-up overseas buyers whose purchasing power is strengthened by the weaker Aussie dollar.

Properties that six months ago would have sold in a weekend are lingering for months as attendance at inspections continues to dwindle, she says. In Sydney, buyers’ agent Patrick Bright says there’s increasing “argy-bargy” in the market because the likelihood that prices will tumble in coming months is resulting in buyers not being willing to pay the asking price.Prestige properties with unique attractions, such as harbour views or proximity to quality schools, continue to attract buyers, particularly from China, Singapore and Hong Kong, say agents.

According to CoreLogic, which monitors property markets, Sydney’s clearance rates have fallen below 50 per cent, which is the worst outcome since the outbreak of the COVID-19 pandemic in early 2020 imposed restrictions on house inspections and auctions.Auction numbers are down more than 20 per cent across the nation’s combined capitals, including a 40 per cent drop in Melbourne.

“If you really need to sell, then you have to sell,” says North about rising living costs forcing some sales. “Lenders are discreetly encouraging troubled property owners to put their places on the market.”jumped by more than 10 per cent across NSW in June compared to the previous month, as owners struggled with falling demand and rising costs, according to SQM Research, which monitors property markets.

A home in Tartura, about 180 kilometres north of Melbourne, has had its price slashed from $870,000 to $660,000 after being on the market for 58 days. Cheap three-year rates include BCU’s 4.75 per cent comparison rate and Goldfields Money 4.48 per cent. Mortgage brokers, such as Christopher Foster-Ramsay, principal of Foster Ramsay Finance, claim that lenders are more likely to negotiate cheaper variable rates for borrowers on packages that also include other features such as waived fees on credit cards, discounted insurance and offset accounts.

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