Buyers have control of the property market, but why?
Statistics show that there is currently the highest number of properties listed for sale in Australia since 2012.
According to research carried out by CoreLogic, there are currently 115,000 homes listed for sale throughout the nation. This research also shows that vendors have been offering significant price reductions over recent months in order to sell, while properties listed for sale in capital cities are spending significantly more time on the market than ever seen before.
But why might this be?
As strict credit terms and conditions roll into play, prospective homeowners are limited from the very beginning. When combining this with pessimism about the future of the housing market, it’s easy to understand why so many people are reluctant to buy.
Tim Lawless of CoreLogic stated “Properties are being added to the marketplace at a time when conditions are weak.” In order to counteract this, sellers are being forced to offer heavy discounts or extend their sale in order to find an appropriate buyer.
There has also been a noticeable increase in how long it is taking to sell a property, particularly over the past twelve months. More than eighty percent of properties listed for sale in Sydney have been on the market for more than 60 days. This shows an increase of almost 10 percent when comparing statistics from the past 18 months. Sadly, the market in Melbourne has been just as dismal as Sydney, while properties in Canberra, Adelaide and Brisbane also struggle to sell.
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Pat and Shirley Tucker have recently put their four-bedroom home in Melbourne’s eastern suburbs on the market. They’re aiming to sell in order to downsize for retirement. However, due to their location, they’ve been finding it difficult to find a buyer and have been forced to lower their expectations. The couple received a number of offers last year, though none that were considered to be good enough.
“We genuinely want to sell the place but we don’t want to give it away.” Pat said.
Homeowner Jess Phillipson also knows the frustration of trying to sell within a failing market. With a beautiful home in Brisbane’s Eastern suburbs on offer, Ms Phillipson has significantly lowered her asking price since first putting her home on the market six months ago.
“We have had some serious offers since then but unfortunately they have had issues with finance.” She said.
Sadly, data indicates that there is unlikely to be any relief for sellers in the near future.
Further adding to the matter, Tim Lawless stated: “We’re not seeing any evidence that the market’s about to turn around, we’re not seeing any evidence that credit is about to loosen either.” All the credit flows data that’s publicly available through the RBA or through the ABS statistics is showing a fairly dramatic and consistent decline.”
While things may appear to be bleak on the market, it’s important to remain optimistic and put your best foot forward. If you are seeking any assistance with finance, contact Boss Money for expert advice and tailored solutions.
0476 111 000