Picky home buyers are passing over properties for sale that don’t tick all their boxes, leaving an increasing number of listings lingering on the market for six months or more.
It comes as Melbourne home values have been edging lower and Sydney value growth has been moderating, as higher for longer interest rates reduce how much money home buyers can borrow. Melbourne’s market has also been affected by higher land taxes on secondary properties. “ vendors set an unrealistic price compared to the market for their property, and many vendors often get caught out at the top of the market because prices no longer catch up to their asking price,” he said.He said the rise in older listings, along with auction clearance rates and a decline in asking prices, was another indicator of a slowdown in the Sydney and Melbourne markets.
Buyer interest is normally at its strongest in the first four weeks of a campaign, he said. If a property sits on listings websites too long, it can look stale, and buyers start to question whether there is something wrong with the home beyond its asking price that prevented someone else from buying it already.
There was also a jump in older listings compared to last year in Canberra and Hobart , other cities where home values have been edging lower.Wakelin Property Advisory director Jarrod McCabe has noticed an increase in the number of properties taking longer to sell, such as homes that need renovation or were investment properties.
“If a property has been overpriced for an extended period of time sometimes even reducing might not bring buyers into the market because it does have that perception that it’s not a good property.”In Sydney, Michelle May of the eponymous buyer’s agency has also seen more homes taking longer to sell, with some properties “not as good as the vendor thinks they are”.
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