Sydney's unsold property offerings remain high, but with fewer fresh listings

Sydney's unsold property offerings remain high, but with fewer fresh listings
Sydney's unsold property offerings remain high, but with fewer fresh listings

Sydney's fresh 2018 listings remain subdued, but the backlog of 2018 remains a weight on the increasingly challenged residential market.

There are currently more than 19,000 properties listed for sale across Sydney, which is 29 percent up on the same time last January, according to Corelogic.

It suggests vendors have unrealistic price expectations, possibly above what buyers are prepared to pay, and also possibly above what banks are prepared to lend on the homes.

There have been 3000 fresh listings in the past four weeks. This sits as six down on the same time last year in Sydney.

Hobart, the countries hottest property market, is also the tightest market.

CoreLogic say the overall 987 offering is down 38 percent on the same time last January.

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Sydney's unsold property offerings remain high, but with fewer fresh listings

Although it is a quiet month, Sydney's values have been weakening. The annual growth rate has eased to 1.9 percent. Melbourne remains the leader at 8.4 percent t annualised growth.

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Sydney's unsold property offerings remain high, but with fewer fresh listings

January is a slow time of the year when agents are still away which has seen the typical days of market jump.

Perth remains the slowest capital with houses typically selling after 74 days and units taking 87 days. Brisbane's unit market is the second slowest at 82 days.

A recent Perth sale saw an 1890s home modernised by CNN Architects (top) take 124 days before it sold for $835,000. It initially had a $899,000 to $949,000 guide.

CNN Architects were behind the Fremantle Wool Stores and the Old Treasury Building.

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Sydney's unsold property offerings remain high, but with fewer fresh listings

 

 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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