Vendors Struggle To Sell Old Listings
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Vendors Struggle To Sell Old Listings

The number of Sydney homes stagnant on the market rose significantly.

By Terry Christodoulou
Tue, Jun 7, 2022Grey Clock < 1 min

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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By Robyn Willis
Fri, Aug 5, 2022 2 min

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom. 

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space. 

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

 

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street 

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174