Sydney and Melbourne have ‘absolutely turned into buyers’ markets’

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From The Age

Vendors are finding it harder to sell now than in last year’s frenzied market.

Sydney and Melbourne have ‘absolutely turned into buyers’ markets’

Sydney and Melbourne have turned into buyers’ markets as vendors take longer to sell their homes and with bigger discounts, new data shows.

Nationally, the median days on market for properties selling via private treaty rose to 28 in the three months to May 2022, according to CoreLogic figures. That’s up from a recent low of 20 days in the three months to November 2021.

At the same time, the median vendor discount at the national level reached 3.3 per cent in the three months to May 2022. That’s also increased from the recent low of 2.9 per cent recorded in the three months to November last year.

CoreLogic’s head of research Tim Lawless said there were more homes to choose from among a smaller buyer pool, turning a sellers’ market into a buyers’ market in the major capitals, with other markets holding on for now.

“It’s probably moving towards a buyer’s market, if it isn’t there already. When you start to drill down … Sydney and Melbourne absolutely they are in a buyers’ market,” Lawless said.

“Buyers are in the driver’s seat. Stock levels are above average levels.

“But go to somewhere like Perth or Adelaide, and you’ll find stock levels are nearly 40 per cent below the five-year average and vendors are able to hold firm on their pricing expectations and buyers are sensing urgency.”

Read full story at The Age

 

 

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