Regional areas suffer from 'buyer's market with no buyers'
Spring is usually one of the hottest times to sell property, but a housing market slump is affecting regional areas.
Property prices in regional Queensland have dropped by 4 percent since May, according to a real estate agent. Homes are taking longer to sell, with the average time on the market increasing to 43 days, double the 12-month rate. Despite this, buyers remain hesitant, particularly with interest rates at a five-year high. A Gold Coast retiree, Richard White, sees potential in such a market, suggesting buyers negotiate below the advertised price.
However, the primary issue is the lack of buyers. Real estate agents report a steady trickle of prospective buyers, while investor activity has dwindled due to tax changes. The market is expected to weaken further, especially after the Reserve Bank's latest interest rate increase. Despite the cooling market, there are still luxury properties selling for record prices, indicating that some outliers remain in the market.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
