Vendors Struggle To Sell Old Listings
The number of Sydney homes stagnant on the market rose significantly.
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The number of old listings has risen sharply in Sydney and Melbourne in May as vendors struggle to find a buyer within a reasonable timeframe amid falling demand according to data from SQM Research.
The number of Sydney homes on the market for longer than six months rose by 9.6% to 4032 in May. In Melbourne, it’s a similar story up 6.3% to 6378. This build-up of older listings will continue to heap downward pressure on prices as the market moves into a correction.
Staggeringly, across the country, there are 49,813 homes on the market for at least 180 days.
According to SQM research managing director Louis Christopher, this number is only going to increase with further rate rises predicted and fewer buyers coming on to the market.
“There are fewer buyers compared to available stock, which means older stock is piling up, and it’s taking longer to sell property.”
Sydney inner west saw the number of homes on the market for at least six months jump by 18.6%. In the eastern suburb, it climbed by 11.4% and on the northern beaches by 24%.
Old stock in the inner east Melbourne rose by 5%, and 11% in the north-west of Melbourne.
Outside of the major east coast markets of Sydney and Melbourne, listings of over 180 days have also increased in Perth, up 3.4% to 4032, while in Canberra they rose 4.8% to 219, and in Hobart by 13.3% to 213.
There was a small lift in older listings in Adelaide and Darwin while Brisbane bucked the trend dropping 5.5%.
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The actress and her husband, comedy writer Dave McCary, spent more than three years restoring the house, which is one of the priciest properties for sale in the Texas city.
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In 2021, actress Emma Stone purchased a historic estate in Austin, Texas, with a plan to move her family there. Four years later, she has instead decided to put the property on the market.
The actress and her husband, comedy writer Dave McCary, are asking $26.5 million for the newly renovated estate, according to Eric Moreland of Moreland Properties/Forbes Global Properties, one of the listing agents. The 1.25-acre property, located in the upscale Tarrytown neighbourhood, will be among the most expensive on the market in Austin.
Stone and McCary have spent more than three years renovating and restoring the Texas property, Moreland said.
A spokesperson for Stone didn’t respond to requests for comment. Moreland said the couple’s New York business interests have expanded since they started the remodel, and while they hope to live in Austin eventually, it doesn’t make sense for now.
The couple, who are co-founders of the production company Fruit Tree, own a roughly $12 million apartment in lower Manhattan, according to property records. Stone is slated to star in the upcoming contemporary Western film “Eddington.”
It’s unclear what Stone and McCary paid for the Austin property, since Texas is a nondisclosure state . The Georgian-style brick house dates to around 1940, making it one of the oldest estates in the area.
The roughly 10,000-square-foot estate includes a main house with four bedrooms and a two-bedroom guesthouse. The property also has a pool, a hot tub, and a garage with a screening room and entertaining space above.
As part of the renovation, the couple removed, cleaned and reused all the exterior brick. They also reconfigured some of the living spaces, opening the kitchen to the living room for a more modern layout. It took more than a year just to install the millwork in the screening room, said Moreland.
The contractors are now putting the finishing touches on the property, he said.
The “La La Land” actress has a track record of buying and selling her homes for significantly more than she paid. In 2022, she sold her blufftop Malibu, Calif., home for $4.425 million after buying it for $3.25 million in 2018, according to property records.
Last year, she sold her home in L.A.’s Comstock Hills neighbourhood for $4.3 million, significantly more than the $2.3 million she paid in 2019.
Austin saw an influx of new residents during COVID, but many of those are now returning to the East and West coasts, particularly workers in the tech sector.
While the market “has come down to earth a little bit” since the pandemic-era boom, Moreland said, he has seen a number of $20 million-plus deals over the past few months.
Moreland has the listing with colleague Diane Humphreys.
Architect Mark Rios and his husband, Dr. Guy Ringler, spent 18 months renovating the house, which was originally designed by John Elgin Woolf.
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