Vendors are facing some of the toughest conditions in years as stock levels pile up and more buyers retreat from the market amid rapidly rising interest rates.
Vendors face some of the toughest selling conditions in years this spring, as stock levels pile up and more buyers retreat from the market amid rapidly rising interest rates, experts say.
In June, listings older than six months rose by 1.6 per cent nationwide, while new listings fell by 5.4 per cent, data from SQM Research shows.“I do believe spring will be the weakest point in the market and vendors who want to sell are probably in a better position to enter the market now because“But for those who want to stay on the sidelines and wait, they need to be prepared to meet the market, as they will be competing with a declining number of buyers.
Another Sydney-based vendor, Fiona Sannen, also decided to sell to take advantage of the lull in listings to get in front of the competition. The family home at 5 Wrights Avenue, Marrickville, in Sydney’s inner west is set for auction on August 13. “With rates only set to move higher in the coming months, this could create more of a build-up in listings campaigns.
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