Sydney and Melbourne have ‘absolutely turned into buyer’s markets’ | tawarrazaghi
Nationally, the number of days on market for a private treaty house sale has risen from 20 to 28 days between November 2021 and May 2022.Experts say Sydney and Melbourne property markets have turned in buyers’ favour.Sydney and Melbourne have turned into buyer’s markets as vendors take longer to sell their homes and with bigger discounts, new data shows.
CoreLogic’s head of research Tim Lawless said there were more homes to choose from among a smaller buyer pool, turning a seller’s market into a buyer’s market in the major capitals, with other markets holding on for now. “There is more to choose from, there’s less urgency, but there are still deals being done. But the market has shifted from a seller’s market and buyer’s market.”
“They say ‘but our neighbour’s property sold for more than that a few months ago’. It can be very hard for some people to understand how fast the market does move.”Barry Plant executive director Mike McCarthy said while their real estate group had until this week seen a balanced market, it was turning in buyer’s favour.
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