Australian Homes Are Taking Longer to Sell as Buyers and Sellers Hold Firm

The typical house now takes 70 days to sell in both Sydney and Melbourne, according to Domain data. Sydney’s selling time reached a six-year high in August, while Melbourne hit a one-year high. Brisbane and Perth have also seen homes spend longer on the market. The figures cover private treaty sales, rather than auctions.

Buyers have more time to weigh up a purchase, but many sellers are reluctant to lower their asking price. That gap is leaving some homes on the market for longer, even as fewer new listings come through.

The distinction is in the property itself. Well-located, good-quality homes are still selling, while listings with a drawback or a price set for an earlier market may need more time to find a buyer.

A longer sales campaign does not always mean a seller is ready to accept a lower offer. It does show how much pricing expectations now matter to whether a deal gets done.

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Originally posted on LinkedIn