‘No one’: Ghost open homes haunt Sydney property market

Open homes in parts of Sydney are failing to attract even a single visitor as falling home prices and fears of further interest rate hikes fuel one of the biggest buyer retreats in decades. Exclusive data from Ray White, the largest real estate sales agency in the country, showed foot traffic at open for inspections has plunged since this year’s first interest rate hike in February and intensified after the federal budget. Nationally, the average open home over August attracted 2.2 people, down from 4.5 people in February, but visitor numbers were close to zero in parts of Sydney. This included in suburbs Barangaroo, Putney, Oakville and The Ponds. It comes as CBA Tuesday warned Sydney home prices could drop a total 13 per cent, peak to trough. It echoed similar forecasts from ANZ, which forecast a 14.5 per cent average Sydney fall. Falls of this magnitude would make the current Sydney downturn the largest since 1982-83, ANZ claimed. National inspection attendees per home. Source: Ray White Sydney’s quietest and busiest suburbs for open home attendance. Source: Ray White Realestate.com.au figures showed Sydney home prices have been falling for six consecutive months and are now an ...