Home buyers are rapidly losing their bargaining edge in the current housing market downturn as fewer listings hit the market, experts say.
slumped by 19.6 per cent to 42,409 over the month in January, the lowest level in three years, data from SQM Research show.Melbourne posted the sharpest decline of 21.2 per cent, followed by Adelaide with 19 per cent. Perth, Canberra and Darwin also fell sharply, while Sydney and Brisbane added a handful of new properties to the market. Hobart defied the slowdown, notching a 9.2 per cent rise in listings over the month.
At the same time, rising borrowing costs – the Reserve Bank of Australia is expected to announce a further interest rate increase on Tuesday – are crimping buyers’ capacity to chase bargains. Distressed listings fell by more than 4 per cent in Queensland and WA, it dropped by 2.4 per cent in Victoria, 1.5 per cent in SA and 0.4 per cent in NSW.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
North Warrandyte meets ‘Bali resort’ at incredible high-end home - realestate.com.auManicured gardens and an infinity-edge pool are bringing a slice of Bali-style resort style living to North Warrandyte, and the oasis-like home is turning buyers’ heads
Read more »
Italian opera houses plan Verdi shows to help government buy composer’s homeCities across the country will host concerts to raise funds that will preserve Verdi’s home of 50 years for the nation
Read more »
Gympie teenager dies in hospital after being hit by car on way home from schoolThe 14-year-old boy died in the Queensland Children's Hospital, three days after he was hit by a car on his way home from school near Gympie.
Read more »
Safety fears for man missing from home on remote cattle stationThe alarm was raised on Sunday when a man was reported missing after a regular welfare check at his property located at a large cattle station near Marla.
Read more »
Inside NRL legend Paul ‘Fatty’ Vautin’s new luxury Gold Coast home - realestate.com.auFooty pundit Paul ‘Fatty’ Vautin has traded his oceanview penthouse for a renovated family home in a popular canalfront suburb.
Read more »
New York woman found breathing at funeral home after being declared deadThe 82-year-old was pronounced dead at a Long Island nursing home, only to be discovered alive and then taken to a hospital
Read more »