Sydney’s property stalemate: sellers pivot to rental market

There is a growing disconnect between buyers and sellers as softer prices and fading confidence leaves the property market in a period of pronounced negotiation tension and some sellers pivoting toward the lucrative rental market instead. The current downturn is leaving certain properties lingering on the market, many selling with significant discounts, while others are being withdrawn altogether while owners choose to rent them rather than accept lower sale prices. New data shows Sydney has seen 91 per cent of suburbs with house value declines over the three months to July alone. In more than 200 suburbs house medians dropped by more than $100,000 while the biggest falls are happening at the top end of the market, particularly in coastal suburbs, where more than $300,000 has been wiped off house values in suburbs including Cremorne, Fairlight, Manly, Mosman, and Balgowlah Heights. MORE: Jackie O’s cunning $30m exit plan amid Kyle payout 3a Beatty Street, Balgowlah Heights has had a $1.2m price drop from last year’s listing according to property records 13 Queens Ave, Vaucluse was on the market with hopes of $50m last March but is now listed expected to have a guide in the mid-$40m...