As the property market weakens and home values fall, some types of homeowners are waiting months to find the right buyer.
10.1 per centHomeowners with boom-time price expectations are failing to sell, and more listings are lingering on the market for six months or longer, fresh data reveals.
SQM Research managing director Louis Christopher said an increase in older listings pointed to unrealistic price expectations as well as a supply and demand imbalance. There were far fewer wallflowers in Brisbane, Perth and Adelaide because there are more buyers willing to match sellers’ aggressive asking prices, he said.“That is in part driven by ongoing commodity profits and a surge of interstate migration … and still relatively affordable housing compared to Melbourne and Sydney.”
Plentiful units and properties that needed work were often lingering on the market for months at a time, May said.Peter Rae
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