Sydney’s ‘buyer’s market’ as falling prices cause listings to pile up

Sydney’s real estate listings are beginning to pile up as falling property prices shift the harbour city firmly into a “buyer’s market”. The surge in listings creates more choice for buyers, but properties are also taking longer to sell as vendors adjust to new price expectations and buyers hold out for bigger discounts, no longer driven by the fear of missing out that fuelled the booming market. The new figures from SQM Research show total residential listings in Sydney climbed 6.6 per cent in July to 39,400 properties, up from 30,776 listings at the same time last year, representing an annual increase of 28 per cent. The higher volume of properties in the middle of the traditional winter slowdown was driven by a growing backlog of old listings (6.6 per cent), while new listings grew by just 0.6 per cent. SQM Research show total residential listings in Sydney climbed 6.6 per cent in July to 39,400 properties, up from 30,776 listings at the same time last year. Picture: Sam Ruttyn Nationwide, a similar trend emerged, with listings climbing 12.4 per cent in July. This included a lift in new stock (5.1 per cent) and an 8.1 per cent increase in older listings, suggesting more properti...