Weakening conditions will continue to put the squeeze on potential vendors, with owners bringing homes to a buyers’ market only if they have to and those with discretion in their timing likely choosing to hold off.
There were 6201 listings of properties selling under distressed conditions as of Wednesday, down from the 6549 recorded in November and well down on the pre-COVID number of about 13,000 homes. December’s national total of 52,763 new listings was also down 22.4 per cent on the 67,972 total of December 2021, but that was a record December and reflected a fevered housing market that – buoyed by record-low borrowing costs – stayed active over Christmas and New Year, he said.
The city with the biggest growth in old listings was Hobart, where properties on market for more than 180 days more than tripled in the year to December. In Sydney, they rose 47 per cent year-on-year and in Melbourne, the figure was 27 per cent.
2011 was an awful year, one of the deepest recessions I've ever experienced - let's hope we don't go through 2011 again.
The prices have not really gone down as projected. There were predictions for 30% fall. In some cases the buyers are asking still the same price.
Asking too much doesn't help
Not seeing this, volumes are down big time, lets see in Feb when season kicks off. Prices are still higher than pre-covid
Yet the real estate agents keep spreading the mantra it will turn and recover. Shyster overload.
Crunch will come from March… Feb and March will see further ‘r’ increases. Likely to be the straw that breaks the backs of many who overextended on .8%.
Probably blocks not big enough to sub divide
Who cares? Bigger problems on the horizon like a demographics cliff for Australia.
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Property values plunge in 2022, further falls likely: CoreLogicThe housing market finished the year lower for the first time since 2018 and the downturn re-accelerated during December, research house CoreLogic has found.
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